BERLIN (AP) — Germany’s Bayer AG is set to acquire cancerdrug maker Algeta ASA after raising its
offer for the Norwegian-basedcompany to nearly $2.9 billion.The two firms said Thursday drugand chemical
company Bayer will make a cash offer of 362 kroner ($59.24)per Algeta share. Last month, Algeta said it had
received a preliminarytakeover offer of 336 kroner per share.Algeta says its directors unanimously decided
to recommend that shareholders accept the revised offer.Algeta has its headquarters in Oslo and has a U.S.
subsidiary, Algeta US, LLC, based in Cambridge, Massachusetts.Itsshares were up 1.5 percent in Oslo trading
at 359 kroner after theannouncement; Bayer’s shares rose 1 percent in Frankfurt to 99.30
euros($136.65).Copyright 2013 The Associated Press. All rightsreserved. This material may not be published,
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