Merck (MRK) and Schering-Plough (SGP) Receives FTC "Second Request" for Additional Information On Merger

June 22, 2009 7:32 AM EDT

Merck & Co., Inc. (NYSE: MRK) and Schering-Plough Corporation (NYSE: SGP) announced that they each have received a request for additional information from the U.S. Federal Trade Commission (FTC) with respect to their previously announced proposed merger. The request for information from the FTC, often referred to as a "second request," was anticipated as part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).

Merck and Schering-Plough intend to cooperate fully with the FTC to obtain approval of the transaction as expeditiously as possible. The transaction is subject to approval by Merck and Schering-Plough shareholders and the satisfaction of customary closing conditions and regulatory approvals, including expiration or termination of the applicable waiting period under the HSR Act, as amended, as well as clearance by the European Commission under the EC Merger Regulation and certain other foreign jurisdictions. Until the merger closes, both companies will continue to operate independently. Merck and Schering-Plough continue to expect the transaction to close during the fourth quarter of 2009.

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