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BASF acquires Ciba shares from Bestinver Group
Spanish investor group sells its stake of approximately 13 percent in Ciba
14 Nov 2008 -
The Spanish investor group Bestinver has sold its stake of approximately 13 percent in Ciba Holding AG to BASF outside the public tender offer. The price per share is CHF 49.50. BASF will provide assurance to Ciba Holding AG that it will not exercise the voting rights attached to these shares before the settlement date.
"By the end of the additional acceptance period, we expect to reach a figure of significantly more than 90 percent of Ciba shares", said BASF spokesman Thomas Nonnast.
Under the terms of its public tender offer, BASF is offering CHF 50.00 in cash for each nominal share in Ciba. The additional acceptance period for the offer ends at 4 p.m. Central European Time (CET) on November 14, 2008. During this period, Ciba shareholders who have so far not tendered their shares have the opportunity to do so for the unaltered price of CHF 50.00 in cash for each nominal share.
The offer price corresponds to a premium of 32 percent above the closing price for Ciba’s shares on September 12, 2008 – the last trading day before the offer was announced on September 15, 2008 – and a premium of 60 percent above the volume-weighted average share price for Ciba shares in the 30 days prior to the announcement.
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