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MERRILL LYNCH CONCLUDES SCHERING-PLOUGH STOCK BUY; SCHERING-PLOUGH RESUMES STOCK REPURCHASE PROGRAM

 MERRILL LYNCH CONCLUDES SCHERING-PLOUGH STOCK BUY;
 SCHERING-PLOUGH RESUMES STOCK REPURCHASE PROGRAM
 MADISON, N.J., Nov. 20 /PRNewswire/ -- Schering-Plough Corporation (NYSE: SGP) announced today that Merrill Lynch (NYSE: MER) has concluded its purchase of Schering-Plough common stock under the previously announced LYNX exchange transaction, and it and Merrill Lynch have priced the securities to be delivered in the exchange.
 Upon the closing of the exchange transaction -- scheduled for Dec. 2, 1991 -- Merrill Lynch will transfer to the company the 10 million shares of Schering-Plough common stock it acquired. The company will then issue to Merrill Lynch zero coupon notes maturing on the fifth anniversary of the closing date. At maturity, the amount due, including accrued interest, will be $828.6 million. In addition, the company will issue warrants to acquire 8.5 million shares of its common stock during the 90-day period ending five days prior to the maturity date of the zero coupon notes at a price per share of $97.333. The last reported sale price of the company's common stock on the New York Stock Exchange today was $61.50 per share.
 On the second anniversary of the closing, Merrill Lynch will have the right to require the company to repurchase the warrants at a discount.
 The company also announced that it was resuming its $1 billion stock repurchase program, which was more than three-quarters completed and which had been suspended during the pendency of the Merrill Lynch transaction.
 Schering-Plough Corporation is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide.
 -0- 11/20/91
 /CONTACT: Linn A. Weiss of Schering-Plough, 201-822-7400/
 (SGP) (MER) CO: Schering-Plough Corporation; Merrill Lynch ST: New Jersey IN: MTC FIN SU: TNM


PS -- NY087 -- 5648 11/20/91 18:33 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:297
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