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BASF commences tender offer to Verenium shareholders

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BASF Corp., the U.S. affiliate of German company BASF, announced today it is commencing a tender offer for the acquisition of San Diego-based Verenium Corp. at a cash offer price of $4 for each Verenium share. The offer period is scheduled to start today and to expire at 9:00 a.m. on October 31, 2013, unless otherwise extended or terminated.

BASF, which has New Jersey offices in Union and the Iselin section of Woodbridge, had announced it would acquire Verenium in a $51.2 million deal late last month.

According to the announcement, the offer price corresponds to a premium of 56 percent higher than the volume-weighted average share price for Verenium's shares in the six months prior to the first announcement of the transaction.

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