Bayer Reaches 92.7% of Takeover Candidate Algeta

Bayer group has now met its target for the acquisition of Norwegian pharmaceutical producer Algeta. The German group said on Feb. 26 it had received acceptance from an estimated 97.23% of the company's share capital, valuing the company at 16.2 billion Norwegian crowns (€1.9 billion).

Bayer offered shareholders €2.1 billion, 37% more than the closing price on Nov. 25, 2013, the day before the takeover plans were announced.

As all regulatory clearances already have been obtained, the transfer of shares and the payment of the offer price will take place no later than Mar. 12, Bayer said. Subsequently, the Leverkusen-based pharmaceuticals, agrochemicals and material science group plans to begin a squeeze-out of Algeta's remaining shareholders and then delist the company from the Oslo stock exchange.

The takeover is expected to be formally completed during the first quarter. Bayer Nordic, based at Espoo, Finland, launched a takeover vehicle for the acquisition in January.