Engelhard to Open Books to BASF, Other Suitors

Transport Topics, February, 2006 by Anonymous

Engelhard Corp., which is fighting a $4.9-billion hostile takeover bid by German chemical giant BASF AG, offered to open its books to BASF and other suitors in its continuing effort to maximize the value for shareholders from a potential takeover.

Engelhard Chief Executive Officer Barry Perry has rejected the initial offer as too low. Engelhard, Iselin, NJ., last week reiterated its contention that BASF's offer was inadequate and said it retained JP Morgan securities Inc. as a financial adviser to evaluate any offers for the company.

BASF has said it might increase its offer by $1, to $38 per share, if it became convinced Engelhard - a supplier of goods for catalysts and surface finishing, including diesel particulate filters - had greater value than BASF initially...