Move to extend Ciba share offer rejected - BASF

16 October 2008 15:09  [Source: ICIS news]

LONDON (ICIS news)--BASF’s SWFr50/share offer period for Ciba Specialty Chemicals will end as originally planned on 28 October following the official rejection of calls for an extension, BASF said on Thursday.

The Swiss Takeover Board had rejected a request from fund manager Bestinver to extend the Ciba Holding offer period and to give more details of the merger proposal, it said.

Spain-based Bestinver was one of the largest Ciba shareholders.

“We welcome this decision and are very confident that more than the minimum requirement of 66.67 percent of shares will be tendered by the end of the offer period,“ BASF spokesman Michael Grabicki said.

BASF’s offer represented a 32% premium on the closing price of Ciba’s shares on 12 September and 60% over the weighted average price for the 30 days prior to the bid announcement on 15 September, BASF said. It was worth SwFr6.1bn ($4.7bn/€4.0bn).

Ciba’s share price was up 1.17% at 13:31 GMT on Thursday at SwFr46.60. Chemical company shares generally were depressed across Europe in the face of economic and financial market uncertainty with BASF down 6.96% at €24.51.

($1 = SwFr1.30/€1 = SwFr1.52)

To discuss issues facing the chemical industry go to ICIS connect

By: Nigel Davis
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly