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Letter to the Editor
Wednesday January 11
BASF Commences US$37 Per Share Cash Tender Offer for Engelhard
BASF Aktiengesellschaft is commencing a cash tender offer for all of the outstanding shares of common stock of Engelhard Corporation for US$37.00 net per share.BASF's price represents a 23% premium above the December 20, 2005 closing price of Engelhard's stock of US$30.05 (the last trading day before BASF submitted its first proposal to Engelhard in writing), a 30% premium over Engelhard's 90-day average share price (VWAP) of US$28.42 as of December 20, 2005 and a 23% premium above the December 30, 2005 closing price of Engelhard's stock of US$30.15 (the last trading day before BASF announced its intention to commence a tender offer).
The proposed transaction has a total equity value of approximately US$4.9 billion.
The tender offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, on February 6, 2006, unless extended.
The offer will be conditioned upon, among other things, acceptance by a majority of Engelhard's shares on a fully diluted basis, Engelhard's board taking all necessary actions to make its shareholder rights plan and the supermajority voting provisions in its certificate of incorporation inapplicable to BASF's offer, receipt of necessary regulatory approvals, and other customary conditions.
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