BASF is extending its offer period to acquire all of the issued and outstanding shares of Pronova BioPharma ASA, Lysaker, Norway, for NOK 12.50 per share in cash until January 18.
By Dec. 19, 2012, BASF received acceptances under the voluntary offer for a number of shares representing approximately 67.2% of the issued shares and votes in Pronova. Total acceptances received thus exceed two thirds of the share capital and votes in Pronova. The Oslo Stock Exchange has been notified according to the Norwegian Securities Trading Act, Section 4-2 subsection.
The offer remains subject to the terms and conditions set out in the offer document published on Dec. 5, 2012, including inter alia that BASF has received acceptances for more than 90% of the total share capital of Pronova. The new deadline—Jan. 18, 2013—represents the maximum extension of the offer period.
The Board of Directors of Pronova and the management unanimously support BASF’s offer and recommend its acceptance. Subject to fulfillment of all relevant offer conditions BASF expects closing of the offer in Q1 2013.
“We thank all Pronova shareholders that have been and will be supportive of our offer. With the chances but also the risks for the business of Pronova in mind, we firmly believe that our offer does provide full and fair value for all shareholders. We will maintain our disciplined financial approach to acquisitions,” said Michael Heinz, Member of the Board of Executive Directors of BASF SE and responsible for the Performance Products segment, which includes the Nutrition & Health division.