Cash offer to acquire Verenium

Proposed transaction strengthens position in strategic growth market for enzymes

23-Sep-2013 - Germany

BASF announced that its U.S. affiliate, BASF Corporation, has entered into an agreement to commence a cash tender offer for all of the outstanding shares of common stock of the biotechnology company Verenium Corporation (VRNM) for US$4.00 per share. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately US$62 million (approximately €48 million). Verenium is based in San Diego, California, and generated sales of US$57 million in 2012.

The offer corresponds to a premium of 56 percent above the volume-weighted average share price for Verenium’s shares in the six months prior to announcement of the transaction. The tender offer is subject to customary closing conditions, including the acquisition of a majority of Verenium’s shares outstanding as of the closing of the tender offer. The acquisition is expected to close in the fourth quarter of 2013. BASF will finance the transaction out of operating cash.

https://www.bionity.com/en/news/145059/cash-offer-to-acquire-verenium.html