Algeta ASA (OSL:ALGETA) is a Norwegian biotechnology company engaged in the development of cancer treatments. In November 2013, the company issued a press release confirming speculation that it was the subject of a takeover attempt by joint venture partner Bayer AG, noting that it received a 336 NOK offer from the German healthcare giant. On December 19, 2013, the two companies agreed to a fully financed 362 NOK cash tender offer. The offer, which valued the company at 17.6 billion NOK, successfully closed on February 26, 2014. The Fund earned a 19.05% return.
From Mario Gabelli (Trades, Portfolio)'s first quarter 2014 ABC Fund commentary.
