Bayer Offers $19.5B for Schering
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Bayer AG, Germany’s biggest drug company,offered $19.5 billion in cash for birth-control pill maker Schering AG, topping a hostile bid by Merck KGaA. Schering investors will get about $102 for each of their shares, Leverkusen, Germany-based Bayer said yesterday in a statement to the Frankfurt exchange. Berlin-based Schering, which rejected Merck’s bid of $17.5 billion 10 days ago as too low, plans to accept the offer, according to the statement. Bayer’s bid tops Merck’s by 12%.
