Ludwigshafen, Germany - Following its 15 Sept statement that it wants to take over Ciba, BASF SE announced 1 Oct that following examination by the Swiss Takeover Board, it has published the offer prospectus for the public takeover offer to the shareholders of Ciba Holding AG of Basel, Switzerland. The offer period is 1 Oct-28 Oct.
BASF is offering Ciba shareholders is CHF 50.00 ($45) in cash for each nominal share, this price corresponds to a premium of 32 percent above the closing price for Ciba shares on 12 Sept., according to BASF, and 60 percent above the volume-weighted average share price for Ciba shares in the 30 days prior to announcement of the public takeover offer on 15 Sept.
BASF said in the statement it expects the transaction will make a positive contribution to its earnings per share in the second year after the acquisition. Ciba's board has recommended that shareholders accept the offer. An independent expert appointed by Ciba found the price offered by BASF to be fair.
"Through the acquisition of Ciba, we will strengthen our portfolio and expand our leading position in specialty chemicals, in particular for the plastics and coatings industries as well as for water treatment," said Jürgen Hambrecht, BASF chairman.