05 December 2012 10:57 [Source: ICIS news]
LONDON (ICIS)--BASF has published the public takeover offer document to the shareholders of Norway-based omega-3 fatty acids maker Pronova BioPharma following approval by the Oslo Stock Exchange, the German chemicals major said on Wednesday.
BASF first announced it was planning to acquire Pronova on 21 November and will offer to pay Norwegian kroner (NKr) 12.50 ($2.22, €1.70) in cash for each Pronova share. The company added at the time it had reached an agreement with Pronova to make a “recommended voluntary public takeover offer to Pronova's shareholders”.
Based on all outstanding shares and including all net financial liabilities, the enterprise value would be NKr 4.85bn, or around €664m, BASF said.
BASF added the offer price fairly reflects the value of Pronova, the future business potential and the risks.
The offer period begins on 5 December 2012 and ends on 19 December 2012 at 09:00 Central European Time.
Pronovo’s board of directors and its management “unanimously support BASF's offer and recommend its acceptance”, BASF said.
BASF has also obtained “irrevocable pre-acceptance commitments” for about 60% of Pronova's share capital, it added.
($1 = NKr5.62, €1 = NKr 7.36)
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