BASF/ENGELHARD Don’t budge

To those on the receiving end, hostile bids are always «inadequate» and «opportunistic». In this respect, Engelhard’s rejection of a $37 a share hostile bid from Germany’s BASF is no different. But the US catalyst-maker has backed up its claim to be undervalued by putting itself up for sale. It says it has already received several expressions of interest from third parties, although none has yet submitted a firm offer. The tactic is clearly designed to put pressure on BASF to raise its price. F...