OSLO, Norway, Jan. 6, 2014 (GLOBE NEWSWIRE) -- Algeta ASA ("Algeta"; OSE: ALGETA) today announced that regulatory approval by German competition authorities, specifically the Federal Cartel Office (FCO), has been obtained. This was identified as a condition to the consummation of the voluntary cash offer (the "Offer") in the announcements dated 19 December 2013.
As announced on 19 December 2013, Bayer has entered into an agreement with Algeta to make, through Aviator Acquisition AS, a wholly-owned subsidiary of Bayer Nordic SE, the Offer to acquire the entire issued share capital of Algeta for NOK 362 per share in cash. The consummation of the Offer remains subject to satisfaction or waiver of customary conditions, including, without limitation, a minimum acceptance of at least 90% or such lower percentage (not being less than 50%) of the outstanding Algeta shares as Aviator Acquisition AS determines and no material adverse change having occurred in Algeta.
The complete details of the Offer, including all terms and conditions, will be included in an offer document expected to be distributed to Algeta shareholders in January 2014, following approval by the Oslo Stock Exchange. The offer period will be 20 United States business days. The offer period may be extended, at any time and on one or several times, provided however, that the maximum offer period may not exceed 10 weeks. Bayer expects to close the transaction during the first quarter of 2014.
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For further information, please contact:
| Oystein Soug | +47 90 65 65 25 |
| Chief Financial Officer | |
| Mike Booth | +1 646 410 1884 |
| Communications & Corporate Affairs | ir@algeta.com |
About Algeta
Algeta is a company focused on developing, manufacturing and marketing novel targeted therapies for patients with cancer. The company is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA performing commercial marketing operations in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA). For more information please visit www.algeta.com.
Forward-looking Statements
This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Algeta. Such forward-looking statements reflect our current expectations and are based on the information currently available to Algeta. Algeta cannot give any assurance as to whether such forward looking statements will prove to be correct. These forward looking statements include statements regarding the Offer, our expectations as to the launch of the Offer, including the terms of the Offer and expected timing of the Offer. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things, satisfactions of conditions to the Offer and investor participation in the Offer.
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