Home / Knowledge / News / Textiles / BASF crosses minimum acceptance threshold of Ciba shares
BASF crosses minimum acceptance threshold of Ciba shares
Nov '08
Following the analysis of all tender declarations, BASF today announced the definitive interim result of its public tender offer to shareholders of Ciba Holding AG [CIBN], 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 percent of the share capital of Ciba.

BASF has thus exceeded the minimum acceptance threshold of 66.67 percent and declares the offer unconditional subject to the conditions subsequent listed in the offer prospectus. The additional acceptance period begins today on November 3, 2008 and ends at 4 p.m. Central European Time (CET) on November 14, 2008.

During this period of 10 trading days, Ciba shareholders who have so far not tendered their shares have the opportunity to do so for the same price of CHF 50.00 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. The Board of Directors of Ciba supports the offer and recommends that shareholders tender their shares.

“With this interim result, we have come a significant step closer to our planned acquisition of Ciba. The strategic logic of the transaction is convincing, since the combined businesses will be strengthened sustainably and positioned for long-term profitable growth,” said Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF SE. “Shareholders who have so far not tendered their shares now have another opportunity to do so.”

The extraordinary General Meeting required to amend the articles of Ciba Holding AG is expected to be held on December 2, 2008. Following the General Meeting, BASF intends to open a second trading line for the tendered Ciba shares to allow shares to be sold before the settlement date.

The transfer of the shares to BASF and the payment of the offer price will take place on the settlement date, which is expected in the first quarter of 2009 at the latest.


Must ReadView All

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Nuno Venda

‘There has been an increase in demand for water based inks, rather than...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search