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Engelhard has committed financing, subject to customary conditions, from Merrill Lynch and JPMorgan to initially fund the $45 per share self tender.
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The proposed self-tender offer by Engelhard described in this announcement has not commenced.
The initial buyback will be through a Dutch auction self-tender offer for up to 25 million shares at a price of $20 to $23.
If, following the Annual Meeting, individuals nominated by BASF constitute a majority of the Engelhard board, the board will have the ability to withdraw the self-tender offer.
BOGEN COMMUNICATIONS INTERNATIONAL INC., Ramsey, N.J., a maker of sound-processing equipment, said it planned to repurchase up to 2.5 million of its shares in a self-tender offer of $4 a share.
The recap would include a self-tender offer for 20percentt of Engelhard's shares at $45 apiece; that compares with BASF's offer of $38 per share, which Engelhard rejected.
Brinks, following a round of activist activity, authorized a Dutch auction self-tender offer for as many as 10 million of its shares, or about 17percentt of its outstanding stock.
Sun said it would begin a self-tender offer for up to five million of its shares at $24 each to allow shareholders to sell at least a portion of their holdings at the proposed price.
· Continuing Investment-Grade Credit Profile – The company's financing of the $45 per share self-tender offer should not interfere with its ability to maintain the financial capability needed to execute its strategic business plan and realize its growth opportunities.
The self-tender offer is expected to commence during the week of May 1, 2006 and expire at a date following the Annual Meeting of Shareholders set for June 2, 2006.
The recap would include a self-tender offer for 20percentt of Engelhard's shares at $45 apiece; that compares with BASF's previous offer of $38 per share, which Engelhard rejected.
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