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In Sep 2008, the Board of Directors recommended a CHF 50 per share public offer from BASF to shareholders to acquire Ciba Holding Inc. The offer was accepted by shareholders in Nov 2008, more than 95% of the company's shares are tendered to, or have been acquired by, BASF. In addition, the shareholder voting restrictions were lifted at the Extraordinary General Meeting on 2 Dec 2008, on condition that the offer is settled. There are still outstanding regulatory approvals from the competition authorities required before BASF can take full control of Ciba, but these are expected to come through in time to close the transaction in 1Q 2009.
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