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Engelhard makes offer to BASF

February 27, 2006 | A version of this story appeared in Volume 84, Issue 9

Engelhard has offered BASF a chance to look over its books if the German firm agrees to a confidentiality agreement that includes a provision barring it from making a takeover offer without Engelhard's assent. Acceptance of the offer would put a friendlier face on the $4.9 billion hostile takeover bid BASF launched for Engelhard in January. Engelhard says other prospective buyers have signed the same form. A BASF board member, Stefan Marcinowski, told reporters last week that his firm is studying the agreement but added that BASF's $37-per-share offer for Engelhard is fair. According to an amended Engelhard regulatory filing, should BASF continue its hostile bid and succeed in acquiring Engelhard by the end of May at that price, Engelhard executive officers would collect a golden parachute of $64 million in addition to any other severance pay due to them.

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