BASF SE Revises Offer Price for BASF India Ltd. Shares

18-Jul-08
BASF SE today announced that it has revised its offer price for shares in BASF India, to Rs.300 per share. The revised price provides a compelling premium of 26.7 % above the minimum price directed by the Securities and Exchange Board of India (SEBI), 33.4% above the average share price for the two weeks preceding the date of the original announcement. BASF SE will pay the revised offer price for all the equity shares validly tendered any time during the offer if accepted under the offer. In line with current regulations, this represents the final revision of the offer. In May 2008, BASF SE announced that it intended to acquire 22.31% of shares in BASF India Limited, through a public tender offer to shareholders, at a price of Rs.274 per share. This would raise its holdings to a maximum of 75%, from its current holding of 52.69%. According to the public announcement, the offer began on July 9, 2008 and shareholders have until July 28, 2008 to tender their stock. BASF India Ltd., which is traded on the Mumbai Stock Exchange and National Stock Exchange of India (Mumbai), posted sales of INR 10,536.4 million in the business year ended March 31, 2008. The main chemical markets for BASF in India are agrochemicals, plastics, leather and textile chemicals. (Press Release)
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