BASF acquires biotechnology company, Verenium

BASF acquires biotechnology company, Verenium

5:47 AM, 21st September 2013
BASF acquires biotechnology company, Verenium
BASF headquarters in Germany.

LUDWIGSHAFEN, GERMANY: BASF Corporation, US affiliate of BASF, has entered into an agreement to commence a cash tender offer for all of the outstanding shares of common stock of the biotechnology company Verenium Corporation for $4.00 per share. The enterprise value of the transaction is approximately $62 million.

The offer corresponds to a premium of 56 per cent above the volume-weighted average share price for Verenium’s shares in the six months prior to announcement of the transaction. The tender offer is subject to customary closing conditions, including the acquisition of a majority of Verenium’s shares outstanding as of the closing of the tender offer. The acquisition is expected to close in the fourth quarter of 2013.

 

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