Finance History | 11 Wall Street — SGP Stopped and a Combined Book Kept MRK
· 2009-11
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Finance History | 11 Wall Street — SGP Stopped and a Combined Book Kept MRK
kevin
People treat Merck as a Rahway medicines house that always printed MRK after a finished New Jersey book.
The November 2009 issuer was the combined company that kept the Merck name after a reverse merger with Schering-Plough Corporation.
A joint release dated 3 November 2009 said the merger would close after that session and that combined operations would begin 4 November 2009.
Schering-Plough common stopped on this exchange under SGP.
Each Schering-Plough share converted into 0.5767 of a share of the combined company plus 10.50 U.S. dollars in cash in 2009 dollars.
Each old Merck share became one share of the combined company, which traded here under MRK.
The legal survivor was Schering-Plough, which then took the Merck name.
The mechanism is a reverse-merger listing: the target's charter survived, the acquirer's letters stayed on the tape, and the SGP book closed.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that kept printing MRK.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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