Schering AG, Germany announces that tender offer for Medrad, Inc. has expired

Business Wire, Sept 27, 1995

BERLIN--(BUSINESS WIRE)--September 27, 1995--Schering AG, Germany announced today that the tender offer by Berlin Acquisition Company, an indirect wholly owned subsidiary of Schering AG, Germany, for all outstanding shares of common stock, par value $.10 per share, of Medrad, Inc. at $28.00 net per share in cash has expired as of yesterday at 12:00 midnight, New York City time.

Approximately 5.77 million shares of Medrad common stock have been tendered and not withdrawn in the tender offer (including approximately 1.12 million shares tendered by notices of guaranteed delivery), representing approximately 96.5 percent of the total number of outstanding shares.

Upon the expected merger of Berlin Acquisition Company with and into Medrad (in which Medrad is expected to continue as the surviving corporation), any Medrad shares not purchased in the tender offer will be converted into the right to receive $28.00 net per share in cash, the same price paid in the tender offer.

Berlin, 27 September 1995 Schering Aktiengesellschaft Corporate Communications

CONTACT: Schering AG, Berlin

Ralf Harenberg (030) 468-2838