BASF Aktiengesellschaft announced that it has raised its all-cash offer for Engelhard Corporation to $39 per share from its previous offer of $38 per share.
"We are confident that Engelhard's shareholders will recognize the superior value for all of their shares and the complete certainty that BASF is offering, as opposed to the risk and uncertainty of Engelhard's leveraged recapitalization plan," said Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft. "We want to make it very clear: This is our last, best and final offer. Under no circumstances will we raise our price again. If Engelhard's shareholders do not elect all of our nominees at Engelhard's Annual Meeting, we will let our offer expire and pursue other opportunities."
After numerous meetings with holders of a substantial majority of Engelhard shares, BASF made its last, best and final offer at this time to avoid the need to extend BASF's tender offer beyond June 5, 2006.
Through its wholly owned subsidiary, Iron Acquisition Corporation, BASF has extended the expiration date of its $39 cash tender offer for all of the issued and outstanding shares of common stock of Engelhard Corporation to midnight, New York City time, on Monday, June 5, 2006. The tender offer had previously been scheduled to expire at 5:00 p.m., New York City time, on Monday, June 5, 2006.