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New York Stock Exchange To Suspend, Apply to Delist American Depositary Shares of Schering AG
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NEW YORK, Friday, November 24, 2006 – The New York Stock Exchange announced today that trading in the American Depositary Shares of Schering AG – ticker symbol SHR – will be suspended with immediate effect. Following suspension, application will be made to the Securities and Exchange Commission to delist the issue.
Bayer AG made a cash offer to purchase Schering AG on March 23, 2006. The offer was declared unconditional and binding as of June 20, 2006. As a result of acceptances of the Bayer offer by holders of Schering AG American Depositary Receipts, the number of outstanding American Depositary Receipts of Schering AG is now below 600,000.
The NYSE said, based on its Continued Listing Criteria, it normally considers suspending and removing from its list the securities of a company when the number of outstanding American Depositary Receipts, representing common securities, is less than 600,000.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
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