BASF Raises Cash Offer for Omega-3 Firm Pronova BioPharma

January 15, 2013

BASF is now proposing a cash offer of €684 million (approximately USD 912 million), up from its original bid of €644 million.

BASF (Ludwigshafen, Germany) upped its proposal bid to acquire Pronova BioPharma (Lysaker, Norway), owner of the patent for omega-3 cardiovascular health drug Lovaza. BASF is now proposing a cash offer of 684 million (approximately USD 912 million), up from its original bid of 644 million.

Earlier this month, BASF extended its deadline for the acquisition offer to January 18. It says this deadline for a decision from remaining shareholders will not be extended. The company says it has so far received acceptances from those owning 70% of Pronova’s shares; it needs acceptance from more than 90%.

“We thank all those shareholders of Pronova who have accepted the offer to date. Following a comprehensive due diligence review, and taking into account the opportunities and foreseeable risks in Pronova’s business, this increased offer is our last, best, and final offer,” stated Michael Heinz, a member of BASF’s board of executive directors, in a press release.