Novozymes Biologicals Holding A/S announced that as of 12:01 a.m. on December 10, 2007, approximately 3,460,335 common shares of Philom Bios have been validly deposited to the offer by Novozymes Biologicals Holding A/S, a wholly-owned subsidiary of Novozymes A/S, to acquire all of the common shares of Philom Bios (including common shares issuable upon the exercise of any options).
Novozymes Biologicals Holding A/S has taken up these shares, which represent approximately 98% of the common shares of Philom Bios, and will pay for these shares by providing the depositary with sufficient funds for transmittal to the holders of these shares.
Novozymes Biologicals Holding A/S first announced its intention to make the offer on October 31, 2007 and it mailed its take-over bid circular to the shareholders of Philom Bios on November 2, 2007.
Novozymes Biologicals Holding A/S will now exercise its statutory rights under The Business Corporations Act (Saskatchewan) to compulsorily acquire the remaining Philom Bios common shares that were not deposited to the offer.
Following the compulsory acquisition, Novozymes Biologicals Holding A/S intends to cause Philom Bios to apply to securities regulatory authorities to cease to be a reporting issuer.
The activities will be integrated into Novozymes' existing North American and global activities and included in Novozymes' consolidated financial statements with effect from December 11, 2007.
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