Merck says its 6% convertible preferreds will be converted on Friday

By Susanna Moon

Chicago, Aug. 12 - Merck & Co., Inc. said its 6% mandatory convertible preferred stock will mandatorily convert into cash and Merck common stock as of the close of business on Friday.

For each preferred share, holders will receive $85.06 in cash and 4.6719 Merck shares.

The market value used to calculate the conversion rate was $30.86, which was $10.50 plus 0.5767 times the average of the closing prices for Merck common stock over the 20 consecutive trading days ending on Aug. 10.

Wells Fargo Shareowner Services (800 522-9114) is the conversion agent.

Merck is a pharmaceutical and chemical company based in Darmstadt, Germany.

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