Ludwigshafen, Germany -T he Swiss Takeover Board has rejected Bestinver investor group's request to extend the offer period for the public takeover offer from BASF to shareholders of Ciba Holding AG. The rejection includes an offer to supplement the board's report and the fairness opinion (an independent expert's opinion on the financial adequacy of the offer price).
As a result, the offer period will end on 28 Oct 2008 as designated in the offer prospectus.
"We welcome this decision and are very confident that more than the minimum requirement of 66.67 percent of shares will be tendered by the end of the offer period," said BASF spokesman Michael Grabicki.
BASF will pay Ciba shareholders CHF 50.00 in cash for each nominal share in Ciba.
Information about BASF's offer, including the offer prospectus, is available at www.basf-info.com. Ciba shareholders have been informed about the offer and the steps required to accept it either through their custodian banks or directly by the Ciba share registrar.