BASF re-extends offer for Engelhard

13 March 2006 00:00  [Source: ICB]

BASF HAS extended for the second time its tender offer for Engelhard, the US speciality chemicals and catalysts company, by two weeks. The offer of $37 for each Engelhard share will now close on 17 March at 21:00 GMT. A total of 649 277 Engelhard shares had been tendered into the offer as of the end of February, said BASF.

The German major first extended the offer to 6 February after winning US antitrust approval. ‘We are disappointed that we have been unable to reach an agreement with Engelhard on confidentiality, but the terms were unacceptable and not in the best interest of Engelhard’s stockholders,’ said a BASF spokesman.

BASF launched a hostile takeover bid for Engelhard in January, valuing the US group at $4.9bn. It received approval from the European Commission in February.

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