BASF Tender Offer for Ciba Holding
Following the analysis of all tender declarations, BASF SE, Ludwigshafen, Germany, announced the definitive interim result of its public tender offer to shareholders of Ciba Holding AG, Basel, Switzerland. Up to the end of the offer period on October 28, 2008, a total of 46,022,745 of all outstanding Ciba shares were tendered to BASF. Together with the 1,011,536 Ciba shares that BASF held before the publication of the pre-announcement, this results in a participation of 47,034,281 Ciba shares, which corresponds to 68.10% of the share capital of Ciba. BASF has thus exceeded the minimum acceptance threshold of 66.67% and declares the offer unconditional subject to the conditions subsequent listed in the offer prospectus.
The additional acceptance period ends at 4 p.m. Central European Time (CET) on November 14, 2008. Until this day, Ciba shareholders who have so far not tendered their shares have the opportunity to do so for the same price of CHF 50,– in cash for each nominal share. By tendering their shares in the additional acceptance period, these Ciba shareholders avoid the risk of becoming minority shareholders in Ciba and holding shares with limited liquidity. Following the acquisition, BASF plans to delist the Ciba stock.
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