NOT FOR DISTRIBITION IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
Reference is made to the stock exchange announcement on 28 May 2020 where Kappa Bioscience AS (“Kappa”) announced an offer to acquire up to 11% of the shares in NattoPharma ASA (“NattoPharma”), at a price of NOK 12.75 per share (the “Offer”), and the stock exchange announcement on 12 June 2020 where the offer period was extended until 26 June 2020. Kappa has resolved not to extend the offer period and the Offer expires today at CET 24.00.
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On 28 May Kappa further announced an intention to make a voluntary offer to acquire all the outstanding shares in NattoPharma at an offer price of NOK 12.75 per share, provided that certain conditions for launch of the voluntary offer, including access to due diligence, were fulfilled. NattoPharma announced on 29 May 2020 that it currently was of the view that it would not give Kappa access to do a due diligence, and Kappa has consequently resolved to withdraw its intention to make a voluntary offer.
Kappa continues to believe there is a strong strategic, commercial and financial rationale for a combination with NattoPharma, but notes that NattoPharma and the capital market currently have a different view on the valuation of NattoPharma than Kappa.
About Kappa Bioscience AS
Kappa Bioscience AS is a Norwegian entity founded in December 2006. Utilizing advanced production technology based on a strong patent portfolio, Kappa has secured global leadership in the production and development of vitamin K2, which is one of the fastest-growing health ingredients worldwide. Kappa is currently the leading vendor of vitamin K2 for use in various formulations, and Kappa’s leadership in the vitamin K2 market is further exemplified by its recent patent expansion in the production of vitamin K2 as pure MK-7 (menaquinone-7). While vitamin K2 provides the cornerstone for Kappa’s business, Kappa also offers a range of bone and heart health category ingredients in several forms and concentrations. A key objective going forward is to make vitamin K2 accessible for the global food supplement and fortified food market. Kappa will continue to serve the market with pure and stable forms of MK-7 products. With regulatory approvals in leading markets, including US self-affirmed GRAS and an NDIN, Kappa’s vitamin K2 MK-7 can be used in most applications, also in conventional foods.
Advisers and contact
Carnegie AS is acting as financial advisor and Advokatfirmaet Wiersholm AS is acting as legal advisor to Kappa in connection with the Voluntary Offer and the Offer.
For additional information please contact:
Egil Greve, President & CEO Kappa Bioscience AS, +47 95 10 95 65, egil.greve@kappabio.com
Stefan Schander Slemdal, Carnegie AS, +47 40 64 04 26, stefan.slemdal@carnegie.no
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