BASF Extends $37 Cash Tender Offer to April 28, 2006
April 17 2006 - 6:12AM
PR Newswire (US)
LUDWIGSHAFEN, Germany, April 17 /PRNewswire-FirstCall/ -- BASF
Aktiengesellschaft (Frankfurt: BAS; NYSE: BF [ADR]; LSE: BFA; SWX:
AN) today announced that, through its wholly owned subsidiary, Iron
Acquisition Corporation, it has extended the expiration date of its
$37 cash tender offer for all of the issued and outstanding shares
of common stock of Engelhard Corporation (NYSE:EC) to 5:00 p.m.,
New York City time, on Friday, April 28, 2006. The tender offer had
previously been scheduled to expire at 5:00 p.m., New York City
time, on Friday, April 14, 2006. On April 11, 2006, BASF received a
letter from Engelhard's financial advisor in which Engelhard
requested a firm offer no later than April 19, 2006. BASF continues
its review of non-public information provided by Engelhard and has
not decided whether to submit a revised offer to Engelhard's
management and, if it does, at what price. BASF has been informed
by The Bank of New York, the Depositary for the offer, that, as of
5:00 p.m., New York City time, on April 14, 2006, a total of
654,180 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offer and not withdrawn.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 5:00 p.m., New York City time, on Friday, April 28,
2006, unless the offer is further extended. BASF is the world's
leading chemical company: The Chemical Company. Its portfolio
ranges from chemicals, plastics, performance products, agricultural
products and fine chemicals to crude oil and natural gas. As a
reliable partner to virtually all industries, BASF's intelligent
system solutions and high-value products help its customers to be
more successful. BASF develops new technologies and uses them to
open up additional market opportunities. It combines economic
success with environmental protection and social responsibility,
thus contributing to a better future. In 2005, BASF had
approximately 81,000 employees and posted sales of more than ?42.7
billion. BASF shares are traded on the stock exchanges in Frankfurt
(BAS), London (BFA), New York (BF) and Zurich (AN). Further
information on BASF is available on the Internet at
http://www.basf.com/. BASF currently intends to solicit proxies for
use at Engelhard's 2006 annual meeting of stockholders, or at any
adjournment or postponement thereof, to vote in favor of BASF's
nominees identified in the revised preliminary proxy statement on
Schedule 14A filed with the U.S. Securities and Exchange Commission
(the "SEC"), and to vote on any other matters that shall be voted
upon at Engelhard's 2006 annual meeting of stockholders. On
February 27, 2006, BASF filed a revised preliminary proxy statement
on Schedule 14A with the SEC in connection with this solicitation
of proxies. All Engelhard stockholders are strongly encouraged to
read the revised preliminary proxy statement and the definitive
proxy statement when it is available, because they contain
important information. Engelhard stockholders may obtain copies of
the revised preliminary proxy statement and related materials for
free at the SEC's website at http://www.sec.gov/. The identity of
people who, under SEC rules, may be considered "participants in a
solicitation" of proxies from Engelhard stockholders for use at
Engelhard's 2006 annual meeting of stockholders and a description
of their direct and indirect interests in the solicitation, by
security holdings or otherwise, are contained in the revised
preliminary proxy statement on Schedule 14A that BASF filed with
the SEC on February 27, 2006. This press release is provided for
informational purposes only and is neither an offer to purchase nor
a solicitation of an offer to sell any securities of Engelhard
Corporation. Any offers to purchase or solicitation of offers to
sell will be made only pursuant to the tender offer statement
(including the offer to purchase, the letter of transmittal and
other offer documents), which was filed with the SEC on January 9,
2006. Engelhard stockholders are advised to read these documents
and any other documents relating to the tender offer that are filed
with the SEC carefully and in their entirety because they contain
important information. Engelhard stockholders may obtain copies of
these documents for free at the SEC's website at
http://www.sec.gov/ or by calling Innisfree M&A Incorporated,
the Information Agent for the offer, at +1 877 750 5837 (Toll Free
from the U.S. and Canada) or 00800 7710 9971 (Toll Free from
Europe). This press release contains forward-looking statements.
All statements contained in this press release that are not clearly
historical in nature or that necessarily depend on future events
are forward-looking, and the words "anticipate," "believe,"
"expect," "estimate," "plan," and similar expressions are generally
intended to identify forward-looking statements. These statements
are based on current expectations, estimates and projections of
BASF management and currently available information. They are not
guarantees of future performance, involve certain risks and
uncertainties that are difficult to predict and are based upon
assumptions as to future events that may not prove to be accurate.
Many factors could cause the actual results, performance or
achievements of BASF to be materially different from those that may
be expressed or implied by such statements. Such factors include
those discussed in BASF's Form 20-F filed with the SEC. Michael
Grabicki Phone: +49 621 60-99938 Cell: +49 172 74-91891 Fax: +49
621 60-92693 US media contact: Jack Maurer Phone: +1 973 245-6072
Cell: +1 973 519-2982 Fax: +1 973 245-6715 Analysts/Investors
contact: Magdalena Moll Phone: +49 621 60-48002 Fax: +49 621
60-22500 DATASOURCE: BASF CONTACT: Michael Grabicki,
+49-621-60-99938, mobile: +49-172-74-91891, or Fax:
+49-621-60-92693, , US Media Contact: Jack Maurer, +1-973-245-6072,
mobile: +1-973-519-2982, Fax: +1-973-245-6715, , or Investors:
Magdalena Moll, +49-621-60-48002, Fax: +49 621-60-22500, Web site:
http://www.basf.com/
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