Evonik declines takeover negotiations after BASF improves its approach
Evonik ($EVK)’s executive board declined to enter takeover negotiations with BASF ($BAS) after reviewing the larger chemicals group’s renewed approach. Reuters reported that the improved proposal values Evonik at €24 a share, or approximately €11.18 billion, compared with an earlier €22.15 per-share approach. The new development is Evonik’s response to the revised terms, rather than a newly agreed transaction. The board said it remains committed to developing Evonik independently. It is willing
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