The Board of Directors of Engelhard has unanimously rejected BASF’s bid to acquire Engelhard for $37 per share, after advice from Merrill Lynch reported that the offer was inadequate from a financial point of view to the company’s stockholders.
The Board also has authorized Engelhard’s management team and independent advisors to explore strategic alternatives to seek to maximize shareholder value, including the possible sale of the company.
“Our Board unanimously determined that BASF’s offer is opportunistic and undervalues Engelhard,” says Barry W. Perry, Engelhard’s chairman and chief executive officer. “We have made significant investments in recent years in both organic growth initiatives and strategic acquisitions.”
“Given our unique market position and attractive growth opportunities, the Board believes this is the appropriate time to explore strategic alternatives to seek to maximize value for our stockholders,” Mr. Perry adds. “The Board is committed to working expeditiously to evaluate alternatives, and, therefore, we urge Engelhard stockholders not to tender their shares.”
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