Press Release.
Oslo, Norway, 26 February, 2014 – Algeta ASA (“Algeta”; OSE: ALGETA) today reported that Bayer has announced that 97.28% of all Algeta shares have been tendered to Aviator Acquisition AS, a wholly-owned subsidiary of Bayer Nordic SE under the voluntary cash offer (the “Offer”) to acquire the entire issued share capital of Algeta for NOK 362 per share.
On expiration of the extended Offer period on 26 February, 2014 at 09:00 CET, Bayer announced that it had received acceptances for the Offer for a total of approximately 42,731,347 shares, representing approximately 97.28 of Algeta’s share capital. The acceptance level is based on preliminary numbers and may be subject to adjustments.
The Offer values the total share capital of Algeta at approximately NOK 17.6 billion (USD 2.9 billion) on a fully diluted basis.
All regulatory approvals required for completion of the proposed acquisition have been obtained. The transfer of shares to Bayer and the payment of the Offer price will take place in the coming days but no later than 12 March, 2014, subject to the closing conditions set out in the Offer document published on 20 January, 2014. Thereafter, Bayer announced that it intends to initiate a compulsory acquisition process, with the aim of becoming the sole shareholder of Algeta and to file for delisting of the Algeta shares from the Oslo Stock Exchange. Bayer expects to complete the acquisition in the first quarter of 2014.
###
For further information, please contact:
Oystein Soug +47 90 65 65 25
Chief Financial Officer
Mike Booth +1 646 410 1884
Communications & Corporate Affairs ir@algeta.com
About Algeta
Algeta is a company focused on developing, manufacturing and marketing novel targeted therapies for patients with cancer. The company is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA performing commercial marketing operations in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA). For more information please visit www.algeta.com.
Forward-looking Statements
This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Algeta. Such forward-looking statements reflect our current expectations and are based on the information currently available to Algeta. Algeta cannot give any assurance as to whether such forward looking statements will prove to be correct. These forward looking statements include statements regarding the Offer, conditions relating to the Offer and expected timing of the Offer, including the expected timing of closing and delisting. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things, satisfaction of conditions to the Offer and the Oslo Stock Exchange’s approval of the delisting.
