BASF Reaffirms Plan To Acquire Engelhard
BASF Aktiengesellschaft welcomes Engelhard Corporation's Board of Directors' decision to consider the sale of the company in an expeditious manner as the best way to increase value for Engelhard's stockholders. BASF continues to believe its all-cash offer of $37 per share is fair and compelling and that Engelhard's rejection of this offer deprives its stockholders of an opportunity to realize a significant and timely return. To effect a transaction, BASF is considering its full range of available options, including those outlined in the offer materials.
"We are committed to our goal of acquiring Engelhard," said Dr. Jürgen Hambrecht, Chairman of the Board of Directors of BASF Aktiengesellschaft. "It remains our strong preference to work with Engelhard's Board toward a negotiated transaction, which would benefit Engelhard's stockholders, employees and customers. However, in its response to our tender offer, Engelhard did not provide any information that would prompt us to improve the terms of our current offer."
BASF is still prepared to raise its offer by as much as $1 per share should Engelhard provide additional information that justifies this increase in value.
BASF's tender offer to Engelhard stockholders is scheduled to expire at 12:00 midnight, New York City time, on February 6, 2006, unless extended.
Other news from the department business & finance
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
