BASF AG, THE CHEMICALS giant of Germany, has signed a definitive agreement with Engelhard Corp., in which BASF will acquire all the outstanding shares of Engelhard for 39 dollars per share in cash, giving the transaction a total net equity value (including stock options net of strike price) of approximately 5,000 million dollars. and a total enterprise value of approximately 5,600 million dollars. including net debt. The agreement concludes a five month battle between the companies that saw Engelhard fight off two previous bids from BASF for 37 dollars and 38 dollars per share (see IM February '06, p.6). BASF had warned that its latest offer would not be raised and that it would walk away from the deal if it failed to persuade shareholders.
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