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Bayer: Takeover offer for Algeta expires at 9:00 a.m. CET on February 24, 2014

February 17, 2014



ENP Newswire - 17 February 2014

Release date- 14022014 - Leverkusen, - The Bayer Group's voluntary takeover offer for Norwegian pharmaceuticals company Algeta ASA, Oslo, expires on Monday, February 24, 2014 at 9:00 a.m. CET.

Through its wholly owned subsidiary Aviator Acquisition AS, Bayer is offering NOK 362 in cash for each Algeta share. The German antitrust authorities (Bundeskartellamt) issued the necessary approval on January 6, 2014. Successful completion of the proposed acquisition is subject to certain conditions, including a minimum acceptance level of 90 % of Algeta's share capital. Full details of the offer, including all terms and conditions, are set out in the offer document published on January 20, 2014.

The Board of Directors of Algeta unanimously recommends acceptance of the offer to the company's stockholders. The cash offer of NOK 362 for each Algeta share represents an equity value of NOK 17.6 billion (EUR 2.1 billion) and an enterprise value of NOK 16.2 billion (EUR 1.9 billion). Bayer is thus offering a premium of 37 % over the closing price on November 25, 2013, the day before Algeta confirmed that it had received a preliminary, non-binding acquisition proposal from Bayer, or a premium of 48 % over the volume-weighted three-month average share price on November 25, 2013.

The offer document is subject to the applicable legal provisions and can be viewed at http://sebgroup.com. Stockholders should contact their depositary bank immediately to ensure that their Algeta shares can be tendered in time. Details on accepting the offer are contained in the offer document.


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Source: ENP Newswire


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