"We're very pleased about Merck's decision, because a lengthy competitive bidding process would have greatly affected Schering's future," said Bayer Management Board Chairman Werner Wenning. All other Schering stockholders who have tendered their shares under the public takeover offer, or who decide to do so before the acceptance period expired at midnight CEST on Wednesday, will benefit from this price, which is EUR 3 above the original offer. Merck has therefore decided to sell its 21.8 per cent (according to SEC) stake to Bayer, clearing the way for Bayer's acquisition of Schering. In the course of joint talks, Bayer and Merck have agreed on the need to end the uncertainty regarding the Berlin company's future. Hopson said the first move to the Bayer building would probably be Central Nutrition Services of the school system whose circa-1940s structure and its deterioration forced the school system to make temporary provisions at the recently closed Northside High School.Bayer AG is to acquire all the shares of Schering held by Merck. “I think there’s a significant opportunity for us as opposed to a challenge.”Ĭaldwell said he hoped there could be a public use for the site if the school system didn’t have a use for the land at Hollywood and Avery. “If something good happens on this site, it benefits the Fairgrounds and the city overall,” Young said. The city Fairgrounds plan also includes improvements to Tobey Park, which is next to the school system offices.
The zone captures sales tax revenue in a three square mile area to finance public improvements at the Fairgrounds whose centerpiece would be a youth sports complex. The school system offices are within the TDZ. Young said the city is about two weeks away from taking its application for a Fairgrounds Tourism Development Zone to state officials for approval. What happens to this building that would sit empty in the midst of Midtown?”Ĭity housing and community development division director Paul Young described the current school system offices by the Fairgrounds as “a very marketable site.”
#Schering bayer drivers#
“I guess the concern is we’re providing some economic drivers in one community. Hollywood,” said board chairwoman Shante Avant. “I am concerned about if the district decides to move all operations to the Bayer Building, we now have an empty building at 160 S. A year later the demerger of public education into six suburban school systems and a Shelby County Schools system that takes in the city of Memphis and all unincorporated areas of the county left the whole building to the new SCS system. The Hollywood and Avery location was originally the central office for the Memphis City Schools system and the Shelby County Schools system which had offices separated by a set of doors that were boarded up until the merger of the county’s two public school systems in 2013. Hopson said the eventual consolidation of the school system’s functions under one roof will be more efficient and will allow the school system to “emerge from legacy this and legacy that.”
#Schering bayer full#
The Tennessee Department of Environment and Conservation has issued a “comfort letter” saying the brownfields plan by Bayer will full remediate any contaminants on the site. “I’m okay with this with the understanding that every employee, every department will have someone meet with them to explain what the environmental concerns are … and push to make sure there is development in the surrounding community,” said board member Chris Caldwell.
“We are going to do that in a thoughtful manner,” he said.Īny sale of the school system’s existing central office and any other office and warehouse locations would have to be approved by the school board. “There’s no rush to occupy the building,” SCS superintendent Dorsey Hopson told board members, who had a lot of questions about how fast the system would move to consolidate administrative operations now in 11 separate locations across the county and what would become of the school system’s current central office on Hollywood at Avery that has been in use since 1960. would undergo a brownfield remediation process to be undertaken by Bayer before the school system would begin moving in. The manufacturing and office space, used by Bayer and Schering-Plough before it. The board’s 7-0 vote, with board member Mike Kernell abstaining, closes the deal the school system began considering seven months ago when school system leaders noticed a for sale sign outside the building owned by Bayer Healthcare LLC of Indianapolis. Shelby County Schools board members voted Tuesday, July 31, to buy the Bayer Building, 3030 Jackson Ave., as the new central office of the school system for $6.6 million.
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