BASF Extends Offer Period to Acquire Pronova BioPharma - Pharmaceutical Technology

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BASF Extends Offer Period to Acquire Pronova BioPharma


ePT--the Electronic Newsletter of Pharmaceutical Technology

BASF announced that it has extended its offer period to acquire all of the issued and outstanding shares of Pronova BioPharma, a producer of omega-3 fatty-acids. The new deadline of Jan. 18, 2013 is the maximum extension of the offer period. BASF’s cash offer stays at NOK 12.50 ($2.24) per share and remains subject to the terms and conditions stated in the offer document published on Dec. 5, 2012, including inter alia that BASF has received acceptances for more than 90% of Pronova’s total share capital.

As of 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. This figure includes a total of approximately 59.4% in Pronova’s share capital that has been pre-accepted by majority shareholders and members of Pronova’s board and management team.

BASF’s offer received unanimous support from Pronova’s board of directors, who have recommended its acceptance. The offer is expected to close in the first quarter of 2013, subject to fulfillment of all relevant offer conditions.

Michael Heinz, a member of the board of executive directors of BASF SE said in a press release, "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.”

To date, total acceptances received exceed two thirds of the share capital and votes in Pronova and the Oslo Stock Exchange has been notified according to the Norwegian Securities Trading Act, Section 4-2 subsection (2).

Pronova's first commercialized product, Omacor/Lovaza, is an omega 3-derived prescription drug, which is approved in the European Union and the United States. Pronova's headquarters are in Lysaker, Norway,and its manufacturing facilities are in Sandefjord, Norway, and Kalundborg, Denmark.

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