Abstract
French oil and chemical producer Elf Aquitaine has surfaced as the white knight to rescue Pennwalt from Centaur Partners, the investment group that holds 12.5% of Pennwalt shares and that has been trying to acquire the Philadelphia-based chemical firm since last summer. Pennwalt and Elf have signed a definitive agreement calling for the acquisition of Pennwalt's outstanding shares of common stock at a price of $132 per share. This is 20% above the $110 per share being offered by Centaur. Based on Pennwalt's 8 million shares or so outstanding, the value of the deal is more than $1 billion. Elf says that its tender offer will expire 20 business days after it commences, stated to be on or about March 24. The offer is conditioned upon at least a majority of Pennwalt's common shares, on a fully diluted basis, being tendered. Both boards of directors have unanimously approved the deal, but it must still gain ...
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