Home / Knowledge / News / Textiles / Offer to extend Ciba offer period rejected

Offer to extend Ciba offer period rejected

16
Oct '08
In a letter dated October 15, 2008, the president of the Swiss Takeover Board has rejected a request from the Bestinver investor group to extend the offer period for the public takeover offer to shareholders of Ciba Holding AG and to supplement the Board of Directors' Report and the Fairness Opinion (an opinion from an independent expert on the financial adequacy of the offer price).

As a result, the offer period will end on October 28, 2008 (4:00 p.m. Central European Time, CET) as designated in the offer prospectus.

“We welcome this decision and are very confident that more than the minimum requirement of 66.67 percent of shares will be tendered by the end of the offer period,“ said BASF spokesman Michael Grabicki.

BASF will pay Ciba shareholders CHF 50.00 in cash for each nominal share in Ciba. The offer corresponds to a premium of 32 percent above the closing price for Ciba's shares on September 12, 2008 and a premium of 60 percent above the volume-weighted average share price for Ciba shares in the 30 days prior to announcement of the public takeover offer on September 15, 2008.

All information about BASF's offer, including the offer prospectus, is available on the Internet at www.basf-info.com. The shareholders of Ciba Holding AG have been informed about the offer and the steps required to accept it either through their custodian banks or directly by the Ciba share registrar in the event that shareholders keep their share certificates themselves.

About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals.

As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility.

BASF has more than 95,000 employees and posted sales of almost €58 billion in 2007.

BASF Group


Must ReadView All

Pic: Asian Development Bank

Textiles | On 1st Dec 2020

APAC needs stronger regional cooperation for recovery: ADB

Stronger regional cooperation strategies, including in health, trade, ...

Pic: Shutterstock

Fashion | On 1st Dec 2020

Older generations lead slow fashion movement: UK survey

Older generations are leading the way in the slow fashion movement,...

Pic: European Commission

Textiles | On 1st Dec 2020

Croatian, Belgian, Romanian firms win EUSIC challenge

Snake, a Croatian platform that enables users to wear outfits in...

Interviews View All

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Top executives, Textile Industry

Top executives
Textile Industry

We will move away from mass production to production in micro-factories

Kuldeep Pareek,

Kuldeep Pareek

Italian company Schoch Reeds has been producing high-quality weaving reeds ...

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

John Elmuccio,

John Elmuccio

Evolution St Louis is a company setting up a high-tech knitting facility...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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


November 2020

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


Advanced Search