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“With this interim result, we have come a significant step closer to our planned acquisition of Ciba," said Jürgen Hambrecht, chairman of the board of executive directors, BASF SE. "The strategic logic of the transaction is convincing, since the combined businesses will be strengthened sustainably and positioned for long-term profitable growth. Shareholders who have so far not tendered their shares now have another opportunity to do so.”
The additional acceptance period begins today on Nov. 3, 2008 and ends at 4 p.m. Central European Time (CET) on Nov. 14, 2008. During this period of 10 trading days, Ciba shareholders who have so far not tendered their shares have the opportunity to do so for the same price of CHF 50.00 in cash for each nominal share. By tendering their shares in the additional acceptance period, these Ciba shareholders avoid the risk of becoming minority shareholders in Ciba and holding shares with limited liquidity. Following the acquisition, BASF plans to delist the Ciba stock.
The extraordinary general meeting required to amend the articles of Ciba Holding AG is expected to be held on Dec. 2, 2008. Following the meeting, BASF intends to open a second trading line for the tendered Ciba shares to allow shares to be sold before the settlement date. The transfer of the shares to BASF and the payment of the offer price will take place on the settlement date, which is expected in the first quarter of 2009 at the latest.