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Resin supply: BASF finalizes Ciba offer, Oct. 28 deadline

BASF has given Ciba until Oct. 28 to accept its offer of CHF 50.00 in cash for each nominal share. The offer adds a premium of 32% above Ciba’s Sept. 12 closing price, and a 60% premium above the company’s volume-weighted average 30 days before BASF’s announcement of the public takeover offer on Sept. 15. Ciba’s board of directors recommends in its report that Ciba shareholders accept the offer, with an independent board-appointed expert calling BASF’s offer fair.

BASF has set the minimum acceptance threshold to 66.67% of all nominal shares. The transaction is also subject to the approval by relevant authorities and requires the removal of takeover defenses in Ciba’s statutes. If the necessary votes are gathered, an extraordinary shareholders’ meeting of Ciba Holding AG would be held at the end of November or in early December 2008. BASF expects to finalize the transaction in the first quarter of 2009 at the latest.

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