A poster over at the Yahoo! stock chatboard, set up for Schering-Plough, posted the below, yesterday afternoon:
. . . .There could be no trading [in] Schering-Plough stock for those who hold stock in Schering's 401K, beginning the week of October 18, 2009. Vanguard has mailed the required 30 day advance notice of merger. Of course, merger could occur later than this. . . .
Of course, assuming this information is accurate, Vanguard would only send such a notice at the direction of either out-going CEO Hassan, or incoming "New Merck" CEO Clark.
How upset will plan participants be if CEO Hassan has (once again!) been overly optimistic about a time-frame for some important event?
That is, I think holders in the plans may be disappointed here, if Schering-Plough (and/or Merck) gave an overly optimistic notice to the fiduciaries, like Vanguard. . . .
Just for fun, posit that this deal doesn't close until late December 2009, or perhaps even in January of 2010.
How much blowback is going to come "New Merck" CEO Clark's way, for effectively locking these plan participants/employees out for a full-quarter, or more?
We shall see.