BASF Clears Federal Trade Commission Review
BASF Aktiengesellschaft announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to BASF's tender offer for all of the issued and outstanding shares of common stock of Engelhard Corporation has expired. As a result, BASF is free under U.S. antitrust laws to proceed with its proposed acquisition of Engelhard.
BASF has already made the regulatory filings required under the EU Merger Regulation and the laws of a number of other jurisdictions necessary for the consummation of its tender offer. BASF currently anticipates that the necessary approvals will be obtained, and the related regulatory conditions to its tender offer will be satisfied, on or about the end of this month. As a result, BASF, through its wholly owned subsidiary, Iron Acquisition Corporation, has extended the expiration date of its cash tender offer to 5:00 p.m., New York City time, on Friday, March 3, 2006.
The tender offer had previously been scheduled to expire at 12:00 midnight, New York City time, on Monday, February 6, 2006. BASF has been informed by The Bank of New York, the Depositary for the offer, that, as of 5:00 p.m., New York City time, on February 3, 2006, a total of 54,896 shares of Engelhard common stock had been tendered into the offer and not withdrawn. As a consequence of the extension of the expiration date, holders of Engelhard common stock may tender their shares until 5:00 p.m., New York City time, on Friday, March 3, 2006, unless the offer is further extended.
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