Chemical company BASF has increased cash offer to NOK13.50 per share for Pronova BioPharma, Lysaker, Norway.
The company revealed that the offer period expires at 16:30 CET on 18 January 2013 and will not be extended.
Increased offer corresponds to a premium of 34% above the volume-weighted average share price for Pronova's shares in the six months prior to announcement of the public takeover offer, according to BASF.
BASF SE executive board director Michael Heinz said, "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,"
The enterprise value would be NOK 4,996m (approximately €684m) based on all outstanding shares and including all net financial liabilities.
BASF anticipates closing the offer in the first quarter of 2013.
