Home / Knowledge / News / Textiles / BASF crosses minimum acceptance threshold of Ciba shares
BASF crosses minimum acceptance threshold of Ciba shares
03
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.

BASF


Must ReadView All

Serbian economy minister Goran Knezevic (left) and Taypa president Mesut Toprak after signing the MoU. Courtesy: Serbian Government/SeeNews

Textiles | On 20th Oct 2017

Turkish group Taypa to build textile factory in Serbia

Turkish textile group Taypa will invest euro 35 million ($41.2...

China’s textile & apparel exports rise 4.3% in Sept ’17

Textiles | On 20th Oct 2017

China’s textile & apparel exports rise 4.3% in Sept ’17

Registering an increase of 4.3 per cent year-on-year, the exports of...

Courtesy: Messe Frankfurt

Textiles | On 20th Oct 2017

Heimtextil to focus on textile solutions for architects

Heimtextil 2018, world's leading trade fair for home and contract...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
27.9%
Skip
10.3%

Total Votes: 68

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search