BASF receives over 90% of Engelhard shares
BASF Announces Completion of Subsequent Offering Period
BASF Aktiengesellschaft announced the completion of the subsequent offering period for the outstanding shares of Engelhard. As of 8:00 p.m. New York City time on June 8, 2006, a total of 113,489,680 shares, representing more than 90% of Engelhard's outstanding common stock, had been tendered into BASF's initial tender offer and during the subsequent offering period.
BASF intends to complete the acquisition of Engelhard through a merger of the acquisition vehicle, Iron Acquisition Corporation, into Engelhard Corporation in which all Engelhard shares not tendered into BASF's offer or during the subsequent offering period (other than shares held in the treasury of Engelhard or held by BASF or any of its subsidiaries) will be converted into the right to receive $39 per share. Following the merger, Engelhard will be a wholly owned subsidiary of BASF. Under applicable law, the merger is not subject to the approval of the remaining Engelhard stockholders.
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