FRANKFURT (Reuters) - A court ruled that Bayer did not pay some former Schering shareholders enough to acquire its German rival in 2007 and must now pay them more than 300 million euros ($392 million) in compensation, lawyers for the shareholders said.
Schering investors who held a combined 7.5 million shares and did not accept the rival German drugmaker’s offer of 89.36 euros per share in July 2006 are eligible to receive 124.65 euros, plus interest, for each share they held before Bayer took full control of Schering, law firm Dreier Riedel said.
It added that the ruling came from a lower court, meaning it can be appealed.
A Bayer spokesman said on Monday that the company stood by its assessment that it offered Schering minority shareholders a fair price, and declined further comment.
The Berlin regional court where the case was heard also declined to comment. ($1 = 0.7649 euros)
Reporting by Frank Siebelt and Ludwig Burger; Editing by Tom Pfeiffer