Engelhard, BASF vie for votes

Both Engelhard and BASF have sent letters to Engelhard shareholders in advance of the firm's June 2 annual meeting. Engelhard management is urging shareholders to vote in favor of its board nominees, who would, in turn, reject BASF's $5 billion takeover offer. Should Engelhard's nominees win, the company would proceed to pay $45 per share for up to 20% of it own shares. BASF says a vote in favor of its nominees would guarantee all Engelhard shareholders $38 per share. The German firm argues that its offer provides "greater value and more certainty" than Engelhard's offer, which depends on Engelhard receiving $1.2 billion in financing.