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Engelhard is offering shareholders an alternative to BASF's $38-per-share hostile takeover offer: its own offer of $45 per share in cash for 20% of the firm's outstanding shares. Engelhard CEO Barry W. Perry says this recapitalization plan "gives shareholders partial liquidity at an attractive price of $45 per share while preserving their ability to participate in the company's exciting future growth potential." BASF first sought to buy Engelhard in January for $37 per share, or $4.9 billion. Engelhard rejected that offer as inadequate and now has rejected BASF's latest proposal of $38 per share, made after BASF reviewed nonpublic information provided by Engelhard. BASF says it is "considering all its options." In the continuing cat-and-mouse game played by the two firms, Engelhard also says it will increase the size of its board from six to nine members. According to the company, the board expansion process "provides both Engelhard and BASF with a fair opportunity to present their cases to Engelhard shareholders and for Engelhard shareholders to ultimately decide whether the recapitalization plan or BASF's offer serves their best interests."
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