Merck, Schering-Plough shareholders approve the merger

Merck & Co., Inc. (MRK) announced today that its shareholders voted by an overwhelming 99 percent to approve a proposed $41 billion merger with Schering-Plough Corp. (SGP). Schering-Plough's shareholders, whose meeting started much later, were also quick to approve the deal with the same overwhelming support. Merck shares jumped over 3 percent in afternoon trading, as did Schering-Plough's.

Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 of a share of new Merck common stock and $10.50 in cash for each share of Schering-Plough. For Merck shareholders, existing Merck share certificates will automatically represent an equal number of shares in the post-merger Merck.