BASF has announced plans to acquire Ciba Holding AG, Basel, Switzerland, a leading specialty chemical company, and will make a public takeover offer to Ciba’s shareholders. BASF will pay CHF 50.00 in cash for each nominal share in Ciba. BASF and Ciba have reached a transaction agreement in which the Board of Directors of Ciba supports BASF’s offer and recommends its acceptance to Ciba’s shareholders. The offer corresponds to a premium of 32% above the closing price for Ciba’s shares on September 12, 2008, and a premium of 60% above the volume-weighted average share price for Ciba shares in the 30 days prior to announcement of the public takeover offer. Based on all outstanding Ciba shares and including all net financial liabilities and pension obligations, the enterprise value would be CHF 6.1 billion (approximately €3.8 billion).
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BASF MAKES OFFER TO ACQUIRE CIBA
September 18, 2008