Engelhard recommends shareholders accept BASF's offer

Published: 1-Jun-2006

Engelhard is to recommend that its shareholders tender their shares to BASF in exchange for US$39 per share in cash and will withdraw its $45 per share self-tender offer for approximately 20% of the company's shares.


Engelhard is to recommend that its shareholders tender their shares to BASF in exchange for US$39 per share in cash and will withdraw its $45 per share self-tender offer for approximately 20% of the company's shares.

"We are very pleased that BASF and Engelhard were able to reach agreement on a negotiated transaction. This is a crucial step towards our goal of acquiring Engelhard," said Juergen Hambrecht, chairman of the BASF Board of Executive Directors.

"We are confident that Engelhard's shareholders will tender their shares into our offer, following the recommendation of Engelhard."

BASF's offer is scheduled to expire at midnight, New York City time, on Monday, June 5, 2006.

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