|
BERLIN (AP) - The supervisory board of drugmaker Schering AG offered its backing Monday to fellow German company Bayer AG's 16.3 billion euro ($19.6 billion) offer for the company.
A company statement said the supervisory board "will also recommend to Schering AG's shareholders to accept the offer" once it is published formally. Its backing follows the welcome of the offer last week by Schering's managers.
Bayer made its offer on Thursday, trumping a hostile 14.9 billion euro ($17.9 billion) offer made March 13 by a third German company, Merck KGaA. Merck said Friday it was abandoning its takeover bid.
|