No, essentially the 'transfer' is a 'takeover' of VLA... MSD...

No, essentially the 'transfer' is a 'takeover' of VLA...

MSD will pay VLA shareholders $1.75 for each VLA share owned, upon which point, MSD/Merck essentially will 'merge' all VLA-assets into the the MSD/Merck business as they see fit...

The 'courts' just have to formally 'approve' the 'scheme specs' as aligned with Australian Corporate law, etc...

VLA shareholders are required to 'vote' at or prior to the 'scheme-meeting' once 'approval' to proceed is granted by the courts...

Hope that helps, it's basically a takeover, facilitated by a 'Scheme of Arrangement' which formalises the proceedings, versus say a 'hostile' takeover, where 'market-forces' tend to dictate a little more directly...

ML