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 attractive offer and recommends its acceptance to
Ciba’s shareholders. The offer corresponds to a premium of 32 percent
above the closing price for Ciba’s shares on September 12, 2008 and a
premium of 60 percent 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).