German chemical maker BASF AG has extended its US$4.94 billion takeover bid for Engelhard Corp. until June, despite repeated rebuffs from its U.S. target. BASF has the price to US$38 per share, from the prior US$37 a share.
Engelhard's board had unanimously rejected the BASF US$38 offer as it fails to adequately reflect the current value and future growth prospects of the company. The board has termed the offer as too low, and unveiled a plan to raise shareholder returns on its own, including buying back up to 20% of its stock at US$45 a share.
However, BASF extols the virtues of its offer by claiming that its offer allows Engelhard's shareholders to maximize value today and without risk, instead of waiting and hoping for a highly leveraged Engelhard to deliver on its promises
02-May-06 
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