BASF: Public Offer to Acquire Ciba
BASF plans to acquire Ciba Holding AG, Basle, Switzerland, and will make a public takeover offer to Ciba’s shareholders. The company will pay CHF 50.00 in cash for each nominal sharee in Ciba. BASF and Ciba have reached a transaction agreement in which the Board of Directors of Ciba supports BASF’s offer and recommends its acceptance to Ciba’s shareholders. The offer corresponds to a premium of 32 % above the closing price for Ciba’s shares on September 12, 2008 and a premium of 60 % above the volume-weighted average share price for Ciba shares in the 30 days period prior to the announcement of the public takeover offer. Based on all outstanding Ciba shares and including all net financial liabilities and pension obligations, the enterprise value would be CHF 6.1 billion (approx. EUR 3.8 billion).
Perella Weinberg Partners UK LLP has provided an independent fairness opinion that the offer is fair, from a financial point of view, to Ciba shareholders.
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