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President of Swiss Takeover Board Rejects Request to Extend Ciba Offer Period

Published on 2008-10-21. Author : SpecialChem

LUDWIGSHAFEN, Germany -- In a letter, 2008, the president of the Swiss Takeover Board has rejected a request from the Bestinver investor group to extend the offer period for the public takeover offer to shareholders of Ciba Holding AG and to supplement the Board of Directors' Report and the Fairness Opinion (an opinion from an independent expert on the financial adequacy of the offer price). As a result, the offer period will end on October 28, 2008 (4:00 p.m. Central European Time, CET) as designated in the offer prospectus.

"We welcome this decision and are very confident that more than the minimum requirement of 66.67 percent of shares will be tendered by the end of the offer period," said BASF spokesman Michael Grabicki.

BASF will pay Ciba shareholders CHF 50.00 in cash for each nominal share in Ciba. The offer corresponds to a premium of 32 percent above the closing price for Ciba's shares on September 12, 2008 and a premium of 60 percent above the volume-weighted average share price for Ciba shares in the 30 days prior to announcement of the public takeover offer on September 15, 2008. The shareholders of Ciba Holding AG have been informed about the offer and the steps required to accept it either through their custodian banks or directly by the Ciba share registrar in the event that shareholders keep their share certificates themselves.

About BASF:

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost €58 billion in 2007. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

Important Notice

This release is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. This release has been prepared by BASF. No representation or warranty (express or implied) of any nature is given, nor is any responsibility or liability of any kind accepted, with respect to the truthfulness, completeness or accuracy of any information, projection, statement or omission in this presentation. This release does not constitute, nor does it form part of, any offer or invitation to buy, sell, exchange or otherwise dispose of, or issue, or any solicitation of any offer to sell or issue, exchange or otherwise dispose of, buy or subscribe for, any securities, nor does it constitute investment, legal, tax, accountancy or other advice or a recommendation with respect to such securities, nor does it constitute the solicitation of any vote or approval in any jurisdiction, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of any such jurisdiction (or under exemption from such requirements).

Source: BASF


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