BASF Again Extends Offer to Engelhard

April 24, 2006 | Contact Author | By: Rachel Chapman
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Engelhard has resisted the US$37 per share offer from BASF, which the company made in January. The tender offer has been extended until April 28. This is the fourth time the offer has been prolonged. The board of Iselin, N.J.-based Engelhard repeatedly has called the offer inadequate and advised shareholders not to tender their shares. BASF previously said it was prepared to raise the offer but would not overspend to acquire Engelhard. BASF was given access to Engelhard's books after it signed a confidentiality agreement with the company. Regulatory clearance for the proposed deal has already been granted in the U.S. and Europe, according to reports.