Bayer Group extends Algeta ASA offer period forvoluntary takeover offering $60 in cash per share

Bayer extends offer period for Algeta takeover

9:55 AM, 25th February 2014
Bayer Group extends Algeta ASA  takeoveroffer period

LEVERKUSEN, GERMANY: 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. Except for the extension of the offer period, all other terms and conditions of the offer remain unchanged. Bayer is offering NOK 362 ($60) in cash per share for all issued Algeta shares.

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 20 January 2014. These stipulate, among other things, that at least 90 per cent 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.

 

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