20 September 2013 12:37 [Source: ICIS news]
LONDON (ICIS)--German chemicals major BASF is to acquire US-based biotech Verenium, the enzyme development specialist said on Friday.
According to BASF, the company is to pay $4.00 (€2.96) per share in cash for the company, representing a total enterprise value of $62m.
Verenium said that it has entered into a definitive merger agreement with BASF, and that all of the company’s directors and officers have tendered all of their shares in the deal.
The offer represents a 56% premium on the volume-weighted average share price for Verenium stock over the six months prior to the announcement, BASF according to BASF. The deal is expected to close in the fourth quarter of 2013.
The acquisition will strengthen BASF’s focus on developing sustainable compounds for use in sectors such as nutrition and detergents, BASF said.
($1 = €0.74)
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