Merck & Co. and Schering-Plough Corp. are trying to settle a shareholder lawsuit that arose out of the planned merger of the two companies. The drug giants are offering to disclose new information about the merger to settle the class action lawsuit. The New Jersey-based companies have proposed a settlement in which they would disclose more information about the proposed $41.1 billion combination, the opinions of financial adviser JPMorgan on the fairness of the deal, and other details.
Under the proposal no damages would be paid. Merck wants the settlement not to be an admission of wrongdoing or liability. If agreed to, it also says the Plaintiffs will be able to request that Merck pay their fees and costs. Schering-Plough says if the court approves the settlement, it will resolve all claims that were brought or could be brought by shareholders. It will be interesting to see if this proposed settlement is acceptable to the shareholders of the two companies.
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