07 March 2006 15:17 [Source: ICIS news]
HOUSTON (ICIS news)--Engelhard Corporation said on Tuesday that low stockholder response indicates BASF’s $37/share offer for its stock is inadequate.
On Monday, BASF said it was extending the expiration date of its tender offer for Engelhard stock until 17 March.
Engelhard said on Tuesday that less than 1% of its outstanding shares have been tendered, the same as a month ago.
"Engelhard's board of directors believes that BASF's unsolicited offer is inadequate and not in the best interests of Engelhard's stockholders. The response to BASF's unsolicited tender offer suggests that Engelhard stockholders agree with our board's determination and support our effort to explore strategic alternatives," the company said.
It said Engelhard is willing to explore strategic alternatives that would maximise value for stockholders and would consider any offers to achieve that goal.
Iselin, New Jersey-based Engelhard is a surface and materials science company.
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