Mon Feb 24, 2014 3:46am EST
<span id="articleText"/>* 92.17 pct of Algeta shares tendered -preliminary figs
<span id="midArticle_0"/>* Bayer says extends offer period to be on safe side
<span id="midArticle_1"/>* Reiterates expects deal to close in Q1
<span id="midArticle_2"/>OSLO/FRANKFURT, Feb 24 (Reuters) - German drug firm Bayer has clinched a $2.9 billion deal to take over Norwegian cancer drug maker Algeta after being tendered 92.17 percent of the shares in a cash offer, the companies said on Monday.
<span id="midArticle_3"/>Bayer extended the acceptance deadline by two days to Wednesday, Feb. 26, to eliminate any remaining uncertainty.
<span id="midArticle_4"/>"The acceptance ratio is based on preliminary figures and may be subject to change", a Bayer spokesman said.
<span id="midArticle_5"/>Bayer reiterated it expected the deal to close in the first quarter.
<span id="midArticle_6"/>Bayer bid for Algeta late last year to gain outright control over novel prostate cancer drug Xofigo which the two have developed jointly since 2009 and started selling in the United States in 2013. The drug also won European approval in November.
<span id="midArticle_7"/>In December, Bayer won backing from the target's board for an increased $2.9 billion offer for the Norwegian company, which is contingent on Bayer being tendered 90 percent of Algeta's share capital.
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<span id="articleText"/>* 92.17 pct of Algeta shares tendered -preliminary figs
<span id="midArticle_0"/>* Bayer says extends offer period to be on safe side
<span id="midArticle_1"/>* Reiterates expects deal to close in Q1
<span id="midArticle_2"/>OSLO/FRANKFURT, Feb 24 (Reuters) - German drug firm Bayer has clinched a $2.9 billion deal to take over Norwegian cancer drug maker Algeta after being tendered 92.17 percent of the shares in a cash offer, the companies said on Monday.
<span id="midArticle_3"/>Bayer extended the acceptance deadline by two days to Wednesday, Feb. 26, to eliminate any remaining uncertainty.
<span id="midArticle_4"/>"The acceptance ratio is based on preliminary figures and may be subject to change", a Bayer spokesman said.
<span id="midArticle_5"/>Bayer reiterated it expected the deal to close in the first quarter.
<span id="midArticle_6"/>Bayer bid for Algeta late last year to gain outright control over novel prostate cancer drug Xofigo which the two have developed jointly since 2009 and started selling in the United States in 2013. The drug also won European approval in November.
<span id="midArticle_7"/>In December, Bayer won backing from the target's board for an increased $2.9 billion offer for the Norwegian company, which is contingent on Bayer being tendered 90 percent of Algeta's share capital.
<span id="midArticle_8"/><span id="midArticle_9"/>
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