Bayer Offers $2.9B For Cancer Drugmaker Algeta

Law360, New York (December 19, 2013, 4:49 PM EST) -- Norwegian cancer drugmaker Algeta ASA has preliminarily agreed to a takeover offer from Bayer AG after the German drug and chemical company upped its offer to value the company at almost $2.9 billion, the companies said Thursday.

The Algeta board of directors has agreed to Bayer’s takeover offer of 362 kroner ($58.87) per share in cash, which values Algeta at approximately 17.6 billion kroner ($2.86 billion), the companies said. The offer price represents a 37 percent premium over the company’s closing price Nov. 25, the day...
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