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BASF SE Announces Cash Offer to Acquire Pronova Biopharma ASA through Subsidiary

Wednesday, 21 Nov 2012 01:00am EST 

BASF SE announced that it plans to acquire Pronova Biopharma ASA through wholly-owned subsidiary BASF AS in Norway. BASF is to make a recommended voluntary public takeover offer to Pronova's shareholders at NOK 12.50 in cash for each Pronova share. The Board of Directors of Pronova and the management support BASF's offer and recommend its acceptance. In addition, BASF has obtained irrevocable pre-acceptance commitments for approximately 60% of Pronova's share capital; including the 50.0% stake held by majority shareholders Herkules Private Equity Fund (held through its funds Herkules Private Equity (Jersey-I) L.P. - 126,378,281 shares, corresponding to 42.01% of the outstanding shares, and Herkules Private Equity (Jersey- II) L.P. - 4,072,055 shares, corresponding to 8.00% of the outstanding shares), an approximately 9.1% stake indirectly controlled by investment firms Kistefos AS and Kistefos Investment AS and 0.3% held by members of the Board and management of Pronova. The offer corresponds to a premium of 24% above the volume-weighted average share price for Pronova's shares in the six months prior to announcement of the offer. The enterprise value is estimated at NOK 4,845 million (approximately EUR 664 million). The acquisition will be financed by way of available resources of BASF. The offer will be subject to certain conditions, including that shareholders shall in the aggregate have accepted the offer for more than 90% of the total share capital of Pronova. 

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