Verenium Corporation, an industrial biotechnology company focused on the development and commercialization of high-performance enzymes, has entered into a definitive merger agreement with BASF Corporation, a chemicals company, under which BASF will commence a cash tender offer for all of the outstanding shares of Verenium's common stock. The agreement has been unanimously approved by both Verenium's and BASF's boards of directors.
Under the terms of the merger agreement, holders of outstanding shares of Verenium's common stock will receive $4.00 per share, representing a 56 percent premium to the volume weighted average closing price of Verenium's common stock in the six months prior to announcement of the transaction. Each of the directors and officers of Verenium has entered into tender and support agreements pursuant to which they have agreed to tender all of their shares.
The offer is expected to close in the fourth quarter of 2013.