Business News
Offer period for Ciba shareholders ends on October 28, 2008
Monday 27. October 2008 - Attractive premium of CHF 50.00 cash for Ciba shareholders Offer subject to minimum acceptance threshold of 66.67 percent
Next week ends BASFs [BAS, BFA, AN] public offer to shareholders of Ciba Holding AG [CIBN], Basel, Switzerland. Ciba shareholders who have so far not tendered their shares may do so via their custodian banks until 4:00 p.m. (central European time, CET) on October 28, 2008. BASF will pay Ciba shareholders CHF 50.00 in cash for each nominal share in Ciba.
“Our offer price provides Ciba shareholders with an attractive premium above Cibas share price before the announcement of the offer. However, the offer requires that as many shareholders as possible tender their shares by October 28 so that BASF reaches the minimum acceptance threshold of 66.67 percent,” explained BASF spokesman Michael Grabicki.
The offer price of CHF 50.00 in cash for each nominal share in Ciba corresponds to a premium of 32 percent above the closing price for Cibas shares on September 12, 2008 – the last trading day before the offer was announced on September 15, 2008 – and a premium of 60 percent above the volume-weighted average share price for Ciba shares in the 30 days prior to the announcement.