Swiss biochemicals group Lonza said Monday it has extended its $1.4 billion tender offer for US-based Arch Chemicals to September 30 as it has yet to secure the regulatory clearances it requires to conclude the deal.
The all-cash offer, equivalent to $47.20 per share, is scheduled to expire on September 12.
The extension was needed because certain conditions to the offer, including anti-trust clearances in France and the US, have yet to be secured, Lonza said in a statement.
"The French and US competition authorities could request additional information or take other action in the future that could delay the clearance process in either jurisdiction," it said.
The transaction, first announced in July, has already obtained the approval of German competition authorities last week.
Connecticut-based Arch Chemicals employs 3,000 people and posts annual sales of over $1 billion.
