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Merck approves severance package plan in case of merger, acquisition.
Knight Ridder/Tribune Business News, November, 2004
By Linda Loyd, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Nov. 30--Merck & Co. Inc., hoping to retain top managers should the drugmaker become a takeover target, has adopted a plan to give severance packages to 230 executives in the event of a merger or acquisition.
The Whitehouse Station, N.J., company said its board approved the plan last Tuesday to help the company avoid "the distraction and loss of key management personnel that may occur in connection with rumored or actual fundamental corporate changes."
Merck made the disclosure in a filing with the Securities and Exchange Commission.
The plan comes as Merck is under scrutiny for its handling of the withdrawal of the painkiller Vioxx, the company's...
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