Norway’s Algeta confirms takeover bid approach from Bayer
In response to recent media commentary, the board of directors of Norway’s Algeta (OSE: ALGETA) this morning confirmed that it has received a preliminary acquisition proposal from German pharma and chemical major Bayer (BAYN: DE).
The commentary in the media refers to an acquisition proposal at a price of 306 Norwegian kroner per Algeta share. This is incorrect, said Algeta, noting that in fact the offer price is 336 kroner per Algeta share. This would represent a total acquisition cost of around $2.4 billion, a 27% premium to the stock's last close. Algeta shares rose 30% to a record 345.10 kroner by 9:00 this morning.
Would give Bayer full ownership of Xofigo
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