Engelhard Corporation’s board of directors announced it has unanimously rejected BASF’s unsolicited offer to acquire Engelhard. The board also has authorized Engelhard’s management team and independent advisors to explore strategic alternatives to seek to maximize shareholder value, including the possible sale of the company.
“Our board unanimously determined that BASF’s offer is opportunistic and undervalues Engelhard,” said Barry W. Perry, chairman and chief executive officer, Engelhard. “We have made significant investments in recent years in both organic growth initiatives and strategic acquisitions. Our business plans reflect that these actions have positioned us to generate strong earnings growth over the next several years.”
