BASF to make cash offer for Engelhard
Global chemical company BASF has made an all-cash proposal of US$37 per share or an aggregate of $4.9bn. to acquire all outstanding shares of common stock of US-based Engelhard Corporation, a leading supplier of goods for catalysis and surface finishing.
Global chemical company BASF has made an all-cash proposal of US$37 per share or an aggregate of $4.9bn. to acquire all outstanding shares of common stock of US-based Engelhard Corporation, a leading supplier of goods for catalysis and surface finishing.
By acquiring Engelhard, BASF would become a leading provider worldwide in the catalyst market. 'Engelhard is an excellent enhancement for the BASF portfolio,' said Dr Juergen Hambrecht, chairman of the board of executive directors of BASF. 'By combining the r&d activities of both companies, BASF would create a unique global technology platform for catalysts and open up further growth and innovation potential.'
BASF said it has made efforts to negotiate a friendly transaction with Engelhard's board of directors and management, but these efforts have been rebuffed. BASF expects to commence a tender offer for all of Engelhard's shares of common stock shortly, which will be filed with the Securities and Exchange Commission (SEC) together with all relevant tender offer documentation.