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BASF SE's Subsidiary Commences Tender Offer To Verenium Corporation's Shareholders


Wednesday, 2 Oct 2013 06:17am EDT 

BASF SE announced that its U.S. affiliate, BASF Corporation, is commencing a tender offer for the acquisition of Verenium Corporation, San Diego, California, at a cash offer price of USD4.00 for each Verenium share. The offer period is scheduled to start on October 31, 2013, unless otherwise extended or terminated. The offer price corresponds to a premium of 56% above the volume-weighted average share price for Verenium's shares in the six months prior to the first announcement of the transaction. BASF Corporation's subsidiary, Pastinaca Acquisition Inc., is filing a Tender Offer Statement with the United States Securities and Exchange Commission (SEC) on October 2, 2013. Additionally, Verenium is filing a Solicitation/Recommendation Statement with the SEC on October 2, 2013 . This filing includes the recommendation of the Verenium board of directors that Verenium's stockholders tender their shares in the tender offer. Following the completion of the tender offer, BASF expects to consummate a merger in which the remaining Verenium stockholders will receive the same cash price per share as in the tender offer. The tender offer and merger are subject to customary closing conditions, including the acquisition by Pastinaca of at least a majority of the Verenium shares in the tender offer. 

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