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Swiss body rejects extension of BASF/Ciba agreement deadline

Article-Swiss body rejects extension of BASF/Ciba agreement deadline

Swiss Takeover Board (Bern) has rejected a request by the Bestinver Asset Management (Madrid, Spain) investment group to extend the period for a public takeover offer to shareholders of Ciba Holding (Basel, Switzerland). Polymer and additive producer BASF (Ludwigshafen, Germany), which previously made an offer to acquire the company, greeted the decision with equanimity and said it is confident that more than the minimum required 66.67% of shares will be tendered by the offer period ending October 28.    

Swiss Takeover Board (Bern) has rejected a request by the Bestinver Asset Management (Madrid, Spain) investment group to extend the period for a public takeover offer to shareholders of Ciba Holding (Basel, Switzerland). Polymer and additive producer BASF (Ludwigshafen, Germany), which previously made an offer to acquire the company, greeted the decision with equanimity and said it is confident that more than the minimum required 66.67% of shares will be tendered by the offer period ending October 28.    

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