BASF receives majority of Engelhard shares
BASF Aktiengesellschaft announced the expiration of its initial tender offer period to purchase all of the outstanding shares of Engelhard Corporation and the commencement of a subsequent offering period. The subsequent offering period will expire at 12:00 midnight, New York City time, on Thursday, June 8, 2006, unless extended.
BASF has been informed by The Bank of New York, the Depositary for the offer, that, as of the expiration of the tender offer at midnight, New York City time, on June 5, 2006, a total of 110,456,159 shares or approximately 89% of Engelhard's outstanding common stock had been tendered into the offer and not withdrawn. Of those shares tendered 18,464,174 shares, representing approximately 15% of Engelhard's outstanding common stock, were tendered subject to guaranteed delivery. All shares validly tendered and not properly withdrawn prior to the expiration of the offer have been accepted for payment by BASF.
"This is a special day for both BASF and Engelhard," said Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft. "With the acquisition of the majority of the shares and the expected closing of our transaction shortly, BASF can now begin with the integration in order to create a leading provider worldwide in the dynamically growing catalyst market. By combining the businesses, BASF will also expand into other growth markets, such as specialty pigments. This will allow us to further strengthen BASF's profitable growth."
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