Schering-Plough's shareholders will get $10.50 in cash and just over half of one Merck share for each Schering-Plough share they own. That's a 34 percent premium to Schering-Plough's closing stock price on Friday.
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However, the transaction and it is to be structured as a reverse merger. As a result Schering-Plough will be the surviving public corporation but will be renamed Merck.