Way clear for Bayer to complete Algeta acquisition

26 February 2014

The way is now clear for Germany’s Bayer (BAYN: DE) to acquire Norwegian pharmaceutical company Algeta (OSE: ALGETA), under a deal announced late last year (The Pharma Letter December 19, 2013).

On expiration of the offer deadline on February 26, 2014 at 09:00 CET, Bayer had received acceptances for the voluntary takeover offer for a total of about 42,731,347 shares, representing around 97.28 % of Algeta's share capital. The acceptance level is based on preliminary numbers and may be subject to adjustments. The offer represents an enterprise value of 16.2 billion Norwegian kroner (1.9 billion euros; $2.66 billion).

All regulatory approvals required for completion of the proposed acquisition have been obtained. The transfer of shares to Bayer and the payment of the offer price will take place in the coming days but no later than March 12, 2014, subject to the closing conditions set out in the offer document published on January 20, 2014.

Compulsory acquisition and delisting intended

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK