Late Breaking News

Well, I just got an email saying Engelhard has accepted BASF’s offer of $39 a share. From what I understand, Engelhard was fighting a losing (potentally long running) battle and investors could not pass up that much bank per share. So as of this morning, Engelhard will recommend that Engelhard shareholders tender their shares to BASF in exchange for $39 per share in cash and will withdraw its $45 per share self-tender offer for approximately 20 percent of the company’s shares. Rumor had it that Engelhard’s last ditch effort (the $45 per share) would throw the company in debt.

I’m hoping that conceding is a much better option than massive debt or hostile take over.

Either way, I’ll find out when BASF aquires 50% of the stock.

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Frogger.

WW2 paratrooper makes one last raid: to rescue his wife from old-age home. Didn’t count on local council, Panzer division.

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Trivial Blitz.

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