Bayer extends Schering AG takeover period

Bayer AG has decided to extend its takeover offer for fellow German drugmaker Schering AG until June 14, because the shares tended or pledged so far amount to only 30% of Schering's capital which is well short of the 75% Bayer specified under the terms of the offer.

Under the German Securities Acquisition and Takeover Act, Bayer may not initiate any further unilateral amendment to the takeover offer, which includes changing the minimum acceptance threshold, the offer price or the acceptance period.

As part of the move, Bayer's offer of 86 euros ($110) in cash per Schering share, remains unchanged. The offer is thus approximately 61% above the unweighted 12-month average price and some 39% above the closing price of Schering shares before the first takeover rumors surfaced.