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Agreement Reached Between Two Giants
Posted: May 30, 2006
Global Chemical Company BASF Aktiengesellshaft announces its agreement with surface and material science company Engelhard Corporation. Engelhard must tender its shares to BASF, according to the agreement. In return, however, Engelhard will receive $39 per share in cash in addition to withdrawing its $40 per share self-tender article for nearly 20 percent of the company’s shares.
BASF’s $39 per share cash offer for all issued and outstanding shares of common stock of Engelhard Corporation is scheduled to expire at 12 a.m. on June 5, 2006, according to the company.