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Business
... and extends Engelhard offer
March 13, 2006
| A version of this story appeared in
Volume 84, Issue 11
BASF has extended its $4.9 billion offer for Engelhard shares until March 17. This is the second time BASF has extended the offer, first made in early January. So far, shareholders have tendered only 649,277 shares, 0.5% of Engelhard's outstanding shares, but the German firm steadfastly refuses to increase its offer. BASF says it also plans to solicit shareholders' proxies in favor of the two nominees it hopes to place on Engelhard's board at the firm's upcoming annual meeting.
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