BASF makes third and final offer to Engelhard shareholders

Published: 23-May-2006

Chemicals giant BASF has increased its bid for Engelhard Corporation, raising its all cash offer to US$39 per share from its previous offer of $38 per share.


Chemicals giant BASF has increased its bid for Engelhard Corporation, raising its all cash offer to US$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 Juergen Hambrecht, chairman of the board of executive directors of BASF. The company added that this was its final offer.

Through its wholly-owned subsidiary, Iron Acquisition Corporation, BASF has extended the expiration date of its new offer to Monday, June 5, 2006. The Engelhard board, meanwhile, has asked shareholders to take no action until it is able to make a recommendation on the deal. Both previous offers were rejected as too low.

Engelhard, a leading developer of catalytic technologies, also supplies the pharma sector with precious metals and drug additives.

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