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A Law Blog Recession Rarity: A Manic-Merger Monday

By Ashby Jones

It’s been a while since the words “manic” and “merger” appeared in a Monday morning post, but today we’ve got just enough grist for the mill to put one together. (Click here for an example of, sigh, how things used to be.)

Merck/Schering Plough: At some point in the last 12 hours or so, pharma giants Merck and Schering-Plough hammered out a $41.1 billion deal, which will combine the two companies. The new entity will retain the Merck name. In explaining the timing, which followed by six weeks Pfizer’s purchase of Wyeth, BCG Partners’ David Buik said: “Of course when the market is in a mood of desolation, this is often the best time to effect a merger or acquisition.” Lawyering the deal for Merck: Fried Frank’s David Shine, Philip Richter, F. William Reindel and Damian Ridealgh. Lawyers from Wachtell, Lipton represented Schering-Plough. Click here for the companies’ joint press release.

Dow Chemical/Rohm and Haas: Will Dow Chemical and Rohm and Haas spend today distributing deal toys or duking it out? We’ll likely know soon, but according to news reports, as of late last night, settlement talks between the two were moving along swimmingly. Barring a deal, the two will face off in Delaware court over Dow’s refusal to close its takeover of Rohm and Haas. For more on the kerfuffle, click here for a LB post from Friday.

Update This just in: Dow and Rohm have asked the Delaware trial judge to postpone the start of the trial to the afternoon to give the companies more time to come to terms on an agreement.

Full post as published by Law Blog - WSJ.com on March 09, 2009 (boomark / email).