17 April 2006 18:38 [Source: ICIS news]
HOUSTON (ICIS news)--Engelhard shareholders' continued rejection of BASF’s unsolicited $37/share offer proves the proposal is inadequate, the US specialty chemical and catalyst firm said on Monday.
BASF said on Monday that 654,180 shares, less than 1% of Engelhard common stock, had been tendered as of Friday, a decline from the 767,913 tendered through 17 March. BASF has extended its offer four times, the latest of which will end 28 April at ?xml:namespace>.
“The sharelholders don’t think $37 is an adequate offer. They’ve clearly said that through their actions since the offer was first made in January,” said Engelhard spokesman Mark Dressner.
BASF said it would use the extension period to continue its due diligence.
“BASF continues its review of non-public information provided by Englehard and has not decided whether to submit a revised offer to Engelhard’s management and, if it does, at what price,” BASF said.
Dressner said the company is continuing to explore other options to better shareholder value, including negotiating with other buyers. He said the company won’t disclose any of the details about the process or those involved until it reaches an agreement in principle.
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