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BASF offers $4/share to Verenium shareholders
02
Oct '13
BASF 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 US$4.00 for each Verenium share.

The offer period is scheduled to start and to expire at 9:00 a.m. Eastern Standard Time (USA) on October 31, 2013, unless otherwise extended or terminated. The offer price corresponds to a premium of 56 percent 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). Additionally, Verenium is filing a Solicitation/Recommendation Statement with the SEC. 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.

About BASF

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society.

BASF

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