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

Courtesy: Bangladesh Bank

Apparel/Garments | On 22nd May 2018

Bangladesh Bank enhances EDF loan limit to $25 million

Bangladesh Bank has enhanced the loan limit under Export Development...

Sri Lanka's textile imports up 32.5% in February 2018

Textiles | On 22nd May 2018

Sri Lanka's textile imports up 32.5% in February 2018

In what might be an indication of higher exports in the coming...

Polyester yarn price surge affects Surat textile industry

Textiles | On 22nd May 2018

Polyester yarn price surge affects Surat textile industry

The prices of polyester yarn have increased about 12-15 per cent in...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Nuno Venda
ROQ

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

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Hardik Sanghvi

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

Mohammad Hassan
Biax Fiberfilm

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

Giorgio Mantovani
Corman S.p.A

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search