Did Schering-Plough file its Form 10-Q quickly to avoid having to put together significant "discontinued operations" disclosures related to Intervet? Or, will it turn out that Rueuters' sources are right -- and Merck's Merial will be the divested Animal Health businesses -- most-likely to Sanofi? We shall see:
. . . .The Intervet business drew scant bids by the July 15 deadline, fetching one bid from a large private equity firm and one from a large European pharmaceutical company, the sources said. Merial bids were due at the same time but it was unclear who had bid.
Intervet failed to attract many offers since the bidders believed that business ultimately will be kept by Merck and Schering, sources said.
"The Intervet auction was a farce. The bidders felt used even participating since the real auction is for Merial and there's only one logical winner there -- Sanofi," said the source familiar with the talks. . . .
So, will we find out what really happened, perhaps as early as tomorrow? Who knows.