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[March 2006]
BASF Extends Tender Offer for Engelhard
BASF AG (Ludwigshafen,Germany) announced on 6 March 2006 that, through its wholly owned subsidiary Iron Acquisition Corporation, it had extended the expiration date of its cash tender offer for all of the issued and outstanding shares of common stock of Engelhard Corporation to 5pm New York City time on 17 March 2006. The tender offer had previously been scheduled to expire at 5pm New York City time on 3 March 2006."We are disappointed that we have been unable to reach an agreement with Engelhard on a Confidentiality Agreement, but the terms proposed by Engelhard were unacceptable and not in the best interest of Engelhard’s stockholders," said Michael Grabicki, a spokesman for BASF.
BASF also announced that, as of 3 March 2006, it had received anti-trust clearance from all major regulatory agencies necessary for the consummation of its acquisition of Engelhard, including those of the USA and the European Union.
BASF has been informed by The Bank of New York (the Depositary for the offer) that, as of 5pm New York City time on 3 March 2006 a total of 649,277 shares of Engelhard common stock had been tendered into the offer and not withdrawn. As a consequence of the extension of the expiration date, holders of Engelhard common stock may tender their shares until 5pm New York City time on 17 March 2006, unless the offer is further extended.
ENDS