BASF extends offer period for Pronova BioPharma
Deal is expected to complete in Q1 2013
BASF is extending its offer period to acquire all of the shares of Pronova BioPharma of Norway, for NOK12.50 per share in cash until 18 January 2013. Pronova is a specialist in the production of omega-3 fatty acids.
BASF has so far (by 19 December) received acceptances under the voluntary offer for approximately 67.2% of the issued shares, which exceeds two-thirds of the share capital.
The offer remains subject to the terms and conditions set out in the offer document, which stated that BASF should receive acceptances for more than 90% of the total share capital. The new deadline represents the maximum extension of the offer period, said BASF.
The Board of Directors of Pronova and the management unanimously support BASF’s offer and recommend its acceptance. Subject to meeting all relevant offer conditions BASF expects the offer to close in Q1 2013.
‘We firmly believe that our offer does provide full and fair value for all shareholders,’ said Michael Heinz, member of the Board of Executive Directors of BASF and responsible for the Performance Products segment, which includes the Nutrition & Health division.
