Rochester, NY 7/30/2009 7:03:41 PM
SGP - Schering Offer to Reveal Settle Merger Lawsuit
SCHERING PLOUGH CP
SCHERING PLOUGH CP, SGP
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Schering-Plough Corp., forms the world's No. 2 drugmaker, said Friday they have reached a settlement to end multiple lawsuits brought by shareholders seeking to block the tie-up. The settlements, which resolve all existing claims could be brought in the future by shareholders, require public disclosure -- mostly already made -- of details about Merck's $41.1 billion acquisition of Schering-Plough.
The settlements also allow the plaintiffs to seek payment of their legal fees and costs by the companies. The potential class-action lawsuits were filed shortly after the proposed deal was announced on March 9, when few details were public.
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