Bayer AG must pay some former shareholders of Schering AG more money after a Berlin court ruled that their compensation in the $17 billion takeover wasn’t sufficient, according to the lawyer representing shareholders.
The additional payments will cost Bayer roughly $391.71 million, based on 7.2 million Schering shares outstanding, Peter Dreier, a Dusseldorf-based lawyer for Dreier Riedel Rechtsanwaelte, said in an e-mailed statement today. Shareholders in the 2006 deal who got 89.36 euros a share will get an additional 46 euros a share, including interest, Dreier said. Read the full story.