Merck to delist Merck Serono shares from NYSE on April 25 |
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Thu, 05 Apr 2007 15:53
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FRANKFURT (AFX) - Merck KGaA said its unit Merck Serono SA will voluntarily delist its shares and American depositary shares from the New York Stock Exchange this month.Each depositary share represents a fortieth of one Merck Serono bearer share, it said in a statement.Merck Serono will file a form 25 with the Securities and Exchange Commission on April 15 and expects the filing to come into effect on April 25, at which time the New York Stock Exchange will likely suspend trading of the depositary shares.Merck, through its subsidiary Merck Vierte Allgemeine Beteiligungsgesellschaft mbH and other units, acquired more than 98 pct of Merck Serono's voting rights and last month initiated a squeeze-out procedure with respect to remaining publicly held shares.Merck offered shareholders who tender their shares 1,100 sfr net in cash per share, meaning they will receive 27.50 sfr for each depositary receipts, the company said today.The squeeze-out of shareholders will result in a cancellation of all publicly held shares of Merck Serono.After the squeeze-out is complete, Merck Serono's shares will also be delisted from the SWX Swiss stock exchange, Merck said today.maria.sheahan@thomson.commas/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Germany's Merck KGaA plans Serono squeeze-out 