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BASF Still Gunning for Engelhard

So far, less than 1% of Engelhard shares have been transferred to the German chemical concern.Some companies just don’t take no for an answer. BASF today announced it has extended a $4.9 billion offer to purchase Engelhard (NYSE: EC) after only 649,277 shares, or less than 1% of the stock of the Iselin-based materials-science firm, were turned over to the German chemical giant.

The offer from BASF, which has U.S. headquarters in Florham Park, was previously set to expire on March 3. Engelhard shareholders now have until March 17 to mull it over.

Engelhard’s board has recommended rejecting the $37 a share bid. Company shares fell $0.29 to $39.32 in afternoon trading.

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