January 17, 2013 / 1:01 PM / 5 years ago

Norway's Odin will accept BASF bid for Pronova

OSLO, Jan 17 (Reuters) - Norwegian fund manger Odin Forvaltning will accept BASF’s sweetened takeover offer for fish-oils maker Pronova and expects the German company to exceed its 90 percent threshold to complete the deal, it said on Thursday.

“We will accept the offer even though we are not satisfied with the price,” Odin’s Alexandra Morris told Reuters. “Our alternative would be to go into a prolonged struggle.”

Odin, which holds 4.7 percent of Pronova has been one of the chief skeptics of the offer, which BASF raised to 13.50 Norwegian crowns per share this week from 12.5 crowns after shareholder criticism.

Reporting by Joachim Dagenborg

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