Schering Deutschland GmbH

euro adhoc: Schering AG
Mergers - Acquisitions - Takeovers
KPMG values Schering AG share at EUR 87.63, Bayer offers compensation of EUR 89.00 per Schering AG share

-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- 26.07.2006 In connection with the takeover of Schering AG, Berlin, Germany, by the Bayer Group, a domination and profit and loss transfer agreement between Dritte BV GmbH as the controlling company and Schering AG as the dependent company is to be proposed for approval at an extraordinary General Meeting of Schering AG planned for September 2006. In this regard, the Executive Boards of Schering AG and Bayer AG as well as the management of Dritte BV GmbH have instructed KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft with the valuation of Schering AG. KPMG has today informed the Executive Board of Schering AG that, upon completion of their valuation work, the value of Schering AG amounts to EUR 16.723 billion. This is equivalent to a value of EUR 87.63 per share. This value is above the volume-weighted average share price of the past three months and represents an appropriate compensation payment in the view of KPMG. According to KPMG, fair compensation for future omitted dividend amounts to EUR 3.62 per share. KPMG based its valuation on the principles of the Standard S1 of the Institute of Chartered Accountants for the implementation of company valuations (IDW S1). KPMG has already taken into account the results of Schering AG as per June 30, 2006. The Executive Board of Bayer AG has nonetheless offered to the Executive Board of Schering AG to agree on a compensation payment of EUR 89.00 per share in the domination and profit and loss transfer agreement. As compensation for future omitted dividend, the guaranteed dividend in the amount of EUR 3.62 as determined by KPMG shall be provided for. The Executive Board and the Supervisory Board of Schering AG will examine the Bayer offer and the KPMG report and will decide on the domination and profit and loss transfer agreement over the next few days. Legal Instruction After the proposed offer of cash compensation by Dritte BV GmbH, a wholly owned subsidiary of Bayer Aktiengesellschaft, in connection with the planned domination and profit and loss transfer agreement between Dritte BV GmbH and Schering Aktiengesellschaft, is made available to Schering Aktiengesellschaft shareholders, Schering Aktiengesellschaft will file with the U.S. Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer of cash compensation. Holders of ordinary shares and American depositary shares of Schering Aktiengesellschaft are advised to read such solicitation/recommendation statement when it becomes available because it will contain important information. Holders of ordinary shares and American depositary shares of Schering Aktiengesellschaft will be able to obtain such solicitation/recommendation statement and other filed documents when they become available free of charge at the U.S. Securities and Exchange Commission’s website ( and at Schering Aktiengesellschaft’s website ( end of announcement euro adhoc 26.07.2006 17:47:42 -------------------------------------------------------------------------------- ots Originaltext: Schering Deutschland GmbH Im Internet recherchierbar: Further inquiry note: Oliver Renner Leiter Corporate Business Communication Tel.: +49 (0)30 468 12431 Fax: +49 (0)30 468 16646 E-Mail: Branche: Pharmaceuticals ISIN: DE0007172009 WKN: 717200 Index: DAX, CDAX, HDAX, Prime All Share Börsen: Baden-Württembergische Wertpapierbörse / regulated dealing Niedersächsische Börse zu Hannover / regulated dealing New York / ADR Frankfurter Wertpapierbörse / official dealing/prime standard Börse Berlin-Bremen / official dealing Hamburger Wertpapierbörse / official dealing Börse Düsseldorf / official dealing Bayerische Börse / official dealing

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