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Bayer raises offer for Norwegian pharmaceutical firm Algeta to $2.9 billion

7:50 AM MST | December 19, 2013 | Deepti Ramesh

Bayer says it will launch a voluntary cash offer to acquire the entire issued share capital of Norwegian pharmaceutical company Algeta (Oslo) for 362 Norwegian kroner ($59) per Algeta share. The offer values the total share capital of Algeta at about $2.9 billion. Bayer had offered, last month, to pay 336 Norwegian kroner per Algeta share, valuing the bid at $2.4 billion. The board of directors of Algeta has unanimously decided to recommend that its shareholders accept the new offer. The offer price represents a premium of 37% over the closing price on 25...

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