I've redownloaded the Adobe Customization Wizard XI, removed the old version and installed the downloaded one.
This made no difference. (I also ensured that I re-extracted the installation files for Acrobat XI Pro for good measure)
Tried to create a transform file based on one of the MST's that came with the package, no change.
Tried to create one from scratch and "Save package". No change.
What is strange is that when I do the "Convert Web Page to Adobe PDF" in Chrome, the "Licence" dialog will pop-up, but in the background, Acrobat will start up and show the webpage converted.
One thing that might be worth noting is that the licensing dialog is showing up in Norwegian (The system locale) while Acrobat is installed with English locale. I don't know if this might have anything to do with it. I've tried basing the transform from the 1044.mst file (Norwegian), but this hasn't changed anything.
On a side note, I haven't found anywhere in Acrobat Pro XI where I can see licensing info "This software is licensed to So and So corporation". Is this gone from the product, or just very well hidden?