31 October 2013 15:53 [Source: ICIS news]
LONDON (ICIS)--BASF has completed a previously announced tender offer to acquire all oustanding shares of common stock of US enzyme-development specialist Verenium, the Germany-based chemicals major said on Thursday.
The company offered $4 per share of the California-based biotech. Approximately 71% of Verenium’s shares were tendered, BASF added.
Based on all outstanding shares and including all net financial liabilities, the enterprise value is around $62m (€48m).
"The acquisition will strengthen our position in the fast growing enzyme market,” said Michael Heinz, member of the board of executive directors of BASF and responsible for the group’s Performance Products segment.
Following completion of the merger, Verenium shares will cease to be traded on the NASDAQ Global Market, which is expected to take effect later on Thursday.
A detailed integration plan will be developed in a discovery phase after closing, BASF said, adding that it expects to start with the integration of Verenium in the first quarter of 2014.
“We are now looking forward to welcome Verenium’s employees to BASF,” said Heinz.
($1 = €0.73)
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