4 November 2013

BASF successfully completes Verenium tender offer

Remaining eligible Verenium shares to be converted into the right to receive US$4.00 per share in cash

  • Cash tender offer of US$4.00 per share successful
  • Approximately 71% of Verenium’s shares tendered

Ludwigshafen, Germany – October 31, 2013 – BASF [Frankfurt: BAS, LSE: BFA, SWX: AN] today announced that it has successfully completed the previously announced tender offer to purchase all outstanding shares of common stock of Verenium Corporation, San Diego, California, [Nasdaq: VRNM] for US$4.00 per share in cash. The tender offer expired at 9:00 a.m. Eastern Standard Time (USA) on October 31, 2013 . As of the expiration of the tender offer, 11,337,044 Verenium shares were validly tendered and not withdrawn in the tender offer, representing approximately 71% of Verenium’s outstanding shares, according to the depositary for the tender offer.

Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately US$62 million (approximately €48 million). [1]

“We thank all shareholders of Verenium who have been supportive of our offer. The acquisition will strengthen our position in the fast growing enzyme market,” said Michael Heinz, member of the Board of Executive Directors of BASF SE and responsible for the Performance Products segment.

The condition to the tender offer that a majority of Verenium’s outstanding shares be validly tendered has been satisfied. BASF has accepted for payment and will promptly pay for all validly tendered shares. BASF expects to complete the acquisition of Verenium later today through a merger under Section 251(h) of the General Corporation Law of the State of Delaware. All remaining eligible Verenium shares will be converted into the right to receive US$4.00 per share in cash, without interest and less any required withholding taxes, the same price that was paid in the tender offer. Following completion of the merger, Verenium shares will cease to be traded on the NASDAQ Global Market, which is expected to take effect later today.

“We are now looking forward to welcome Verenium’s employees to BASF,” said Heinz. A detailed integration plan will be developed in a discovery phase after closing. BASF expects to start with the integration of Verenium in the first quarter of 2014.

About BASF

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of €72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

Source: BASF Corp., press release, 2013-10-31.

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