Schering-Plough Announces Conversion of 2004 Mandatory Convertible Preferred Stock
September 13 2007 - 9:21AM
PR Newswire (US)
KENILWORTH, N.J., Sept. 13 /PRNewswire-FirstCall/ --
Schering-Plough Corporation (NYSE:SGP) today announced that all of
its outstanding 6% mandatory convertible preferred stock issued in
2004 will automatically convert into shares of its common stock on
Sept. 14, 2007. Each outstanding share of the preferred stock will
automatically convert into 2.2466 shares of common stock. The
conversion ratio of 2.2466 was determined by adjusting the minimum
conversion rate of 2.2451 in accordance with antidilution
adjustments for the payment of dividends on the Corporation's
common shares in excess of $0.055 for the second and third quarters
of 2007. This reflects the increase in the quarterly dividend from
$0.055 to $0.065 per share on the Corporation's common stock as
announced on Feb. 27, 2007. No fractional shares of the
Corporation's common stock will be issued as a result of the
mandatory conversion. In lieu of issuing any fractional shares, the
Corporation will pay an amount, in cash, to the holder of
fractional shares equal to the same fraction of the current market
price of a share of common stock, with current market price
calculated as the average of the daily closing prices for the five
consecutive trading days prior to Sept. 13, 2007. Schering-Plough
is a global science-based health care company with leading
prescription, consumer and animal health products. Through internal
research and collaborations with partners, Schering-Plough
discovers, develops, manufactures and markets advanced drug
therapies to meet important medical needs. Schering-Plough's vision
is to earn the trust of the physicians, patients and customers
served by its approximately 33,500 people around the world. The
company is based in Kenilworth, N.J., and its Web site is
http://www.schering-plough.com/. DATASOURCE: Schering-Plough
Corporation CONTACT: Media: Steve Galpin, Jr., +1-908-298-7415; or
Investor: Alex Kelly, or Robyn Brown +1-908-298-7436 ,all of
Schering-Plough Corporation Web site:
http://www.schering-plough.com/ Company News On-Call:
http://www.prnewswire.com/comp/777050.html
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