Bayer to Acquire Norwegian Algeta

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.

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