Merck Serono to delist bearer shares and ADSs

Merck Serono has announced that it is to voluntarily delist and deregister its bearer shares and American Depositary Shares (ADSs) from the New York Stock Exchange and with the US Securities and Exchange Commission (SEC).

At present, the company’s ADSs are traded on the stock exchange as SRA, with each ADS denoting a 40th of a Merck Serono bearer share.

The company will delist its shares under the US Securities Exchange Act of 1934, beginning with the filing of a form 25 with the SEC, with the suspension of trading in ADSs expected to occur on April 25th.

“Merck Serono shareholders subject to the squeeze out will receive compensation for their bearer shares in the same amount as shareholders who tendered their shares during the Swiss public tender offer,” the company reports.

It adds that shareholders will be reimbursed an amount proportional to the number of ADSs held, with stockholders receiving the dollar equivalent of CHF 27.50 (11.44 pounds) for each ADS held.

Last month, Merck announced that Merck Vierte had begun a squeeze-out procedure relating to the publicly held bearer shares of Merck Serono as a result of Merck KGaA holding over 98 per cent of the voting rights in the company.