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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
WATSON PHARMACEUTICALS COMPLETES ACQUISITION OF
SCHEIN PHARMACEUTICAL, INC.
CORONA, CA - August 28, 2000 - Watson Pharmaceuticals, Inc. (NYSE: WPI)
announced today the completion of its acquisition of Schein Pharmaceutical, Inc.
(NYSE: SHP). Under the terms of its merger agreement with Schein, Watson
acquired all of the outstanding stock of Schein through a two-step transaction
comprised of a cash tender offer followed by a taxable stock merger. The cash
tender offer was at $19.50 per share of Schein common stock while, pursuant to
the merger, each Schein share not tendered was converted into the right to
receive 0.42187 of a share of Watson common stock. In exchange for the remaining
outstanding Schein shares, Watson will issue, pursuant to the merger,
approximately 5.3 million common shares of Watson stock. As a result of the
merger, Schein is now a wholly owned subsidiary of Watson.
This press release contains certain statements of a forward-looking
nature relating to future events or future business performance. Any such
statements that refer to Watson's or Schein's estimated or anticipated future
results, product development efforts or performance or other non-historical
facts are forward-looking and reflect each company's current perspective of
existing trends and information. Such forward-looking statements involve risks
and uncertainties that cannot be predicted or quantified and, consequently,
actual results may differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, among others, risks associated
with the integration of the Watson and Schein businesses after consummation of
the acquisition, and such other risks and uncertainties detailed in each
company's filings with the Securities and Exchange Commission.
This release and past press releases of Watson are available at Watson's
web site at http://www.watsonpharm.com. In addition, Watson's press releases are
available through PR Newswire's Company News On-Call fax service at (800)
758-5804, extension 112856, and at http://www.prnewswire.com.
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