News Column

Bayer extends offer period for Algeta takeover offer

February 25, 2014



ENP Newswire - 25 February 2014

Release date- 24022014 - Leverkusen, - The Bayer Group is extending the offer period for the voluntary takeover offer for Norwegian pharmaceutical company Algeta ASA, Oslo, by two days to February 26, 2014 at 09:00 CET.

Except for the extension of the offer period, all other terms and conditions of the offer remain unchanged. Bayer is offering NOK 362 in cash per share for all issued Algeta shares.

As of February 24, 2014 at 7:40 CET, Bayer had received acceptances and pre-acceptances of the offer for approximately 40,485,490 shares, representing approximately 92.17 % of Algeta's share capital in response to its voluntary takeover offer. The acceptance level is based on preliminary numbers and may be subject to adjustments. Currently, Bayer does not own any shares in Algeta ASA.

All regulatory approvals required for completion of the proposed acquisition have been obtained. However, the offer is still subject to certain closing conditions, which are set out in the offer document published on January 20, 2014. These stipulate, among other things, that at least 90 % of Algeta's share capital must be tendered to Bayer. It remains to be verified by means of the final acceptance numbers that this condition is satisfied. Bayer maintains its right to further extend the offer period as set out in the offer document. Subject to the fulfillment or waiver of all offer conditions, Bayer expects to complete the acquisition in the first quarter of 2014.

The Board of Directors of Algeta has unanimously recommended that the company's stockholders accept Bayer's offer. The cash offer of NOK 362 for each Algeta share represents 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.

'We thank all Algeta shareholders who have supported our offer or intend to do so. We firmly believe that this represents the full and fair value of the company,' said Bayer CEO Dr. Marijn Dekkers.

Bayer: Science For A Better Life

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2012, Bayer employed some 110,000 people and had sales of EUR 39.7 billion. Capital expenditures amounted to EUR 1.9 billion, R&D expenses to EUR 3.0 billion. For more information, go to www.bayer.com.

Find more information at www.bayer.com and www.algeta.com.


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Source: ENP Newswire


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