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Business

BASF solicits Engelhard stock

January 16, 2006 | APPEARED IN VOLUME 84, ISSUE 3

BASF has formalized its $4.9 billion offer to buy a reluctant Engelhard by filing its offer with the Securities & Exchange Commission and mailing it to Engelhard's owners. BASF has set a deadline of Feb. 6 for shareholders to tender their stock, though it says it may extend the offer. Engelhard says its board is reviewing BASF's offer and asks shareholders to wait for a recommendation, which should come no later than Jan. 24. According to a transcript of phone conversations released last week by BASF, Engelhard CEO Barry W. Perry told BASF CEO Jürgen Hambrecht that his company would enter takeover discussions but at a "significantly higher" price than that proposed by BASF.

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