Saskatoon, Saskatchewan
December 10, 2007
Novozymes
Biologicals Holding A/S announced today that as of 12:01
a.m. on December 10, 2007, approximately 3,460,335 common shares
of Philom Bios have been
validly deposited to the Offer by Novozymes Biologicals Holding
A/S, a wholly-owned subsidiary of Novozymes A/S, to acquire all
of the common shares of Philom Bios (including common shares
issuable upon the exercise of any options). Novozymes
Biologicals Holding A/S has taken up these shares, which
represent approximately 98% of the common shares of Philom Bios,
and will pay for these shares today by providing the depositary
with sufficient funds for transmittal to the holders of these
shares. Novozymes Biologicals Holding A/S first announced its
intention to make the Offer on October 31, 2007 and it mailed
its take-over bid circular to the shareholders of Philom Bios on
November 2, 2007.
Novozymes Biologicals Holding A/S will now exercise its
statutory rights under The Business Corporations Act
(Saskatchewan) to compulsorily acquire the remaining Philom Bios
common shares that were not deposited to the offer. Following
the compulsory acquisition, Novozymes Biologicals Holding A/S
intends to cause Philom Bios to apply to securities regulatory
authorities to cease to be a reporting issuer.
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Philom
Bios Inc. Acquired by Novozymes Biologicals |
December 13, 2007
Today Novozymes announced completion of the
acquisition of Philom Bios, Inc. The inoculant
company will become the cornerstone of Novozymes’
BioAgriculture business.
For Philom Bios, the acquisition means access to
Novozymes’ resources, greater opportunities for
growth and a larger entry-way into the US and
international agriculture markets.
President of Philom Bios, Calvin Sonntag, said the
sale should be seen as a positive development for
the company's future growth and its 70 employees in
Canada, the United States and Australia. “Novozymes
has been keenly interested in agriculture as a
growth segment for three or four years, and is
committed to investing in the growth of this
business” Sonntag explained.
“This is a strategy we have been developing since
the beginning of 2006 when we planned our entry into
the organic and sustainable agriculture market,”
said Novozymes Biologicals’ President Ted Melnik.
Using technologies developed in Salem, Va, Novozymes
will expand Philom Bios’ current market presence in
the agricultural segment. The merger will provide
future opportunities for growth of Novozymes in
Salem; however, no immediate changes are planned.
Philom Bios’ agricultural business will continue
from Saskatoon, Canada and Novozymes Biologicals’
existing business will
remain in Salem, Virginia.
“We are committed to establishing Novozymes as a
leader in the sustainable agriculture industry,
providing earth-friendly alternatives to traditional
pesticides and fertilizers,” Melnik explained. “This
merger reinforces that commitment.” |
Philom Bios Inc. is a world leading Inoculant Company with
over 70 employees across North America in research,
manufacturing, marketing and management and in its joint-venture
operations in Australia. Headquartered in Saskatoon, SK, Philom
Bios is a Canadian public company serving the needs of farmers
with high-value inoculants. Philom Bios has an over 25 year
commitment to farmers through a dynamic partnership with
distributors and leading retailers.
Other news
from Novozymes
Biologicals Holding A/S |
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