FRANKFURT: German chemicals and pharmaceuticals giant Bayer said Wednesday that its takeover offer for US birth-control maker Conceptus has been successful.
Bayer said in a statement that Conceptus shareholders had accepted its offer of $31.00 (24 euros) per share and sold 31.98 million shares or 96.4 percent of the outstanding share capital.
"We are pleased with Conceptus stockholders' positive response to our offer," said Bayer chief executive Marijn Dekker.
California-based Conceptus developed the Essure procedure, a non-surgical permanent birth control method.
The German group had announced at the end of April that it has agreed to buy Conceptus for $1.1 billion.
It said would exercise its "top-up" option whereby Conceptus will issue a number of shares to Bayer, "enabling it to gain full ownership of Conceptus without convening a general meeting of Conceptus stockholders." (AFP)
