BASF has announced a public tender offer for all outstanding shares of Ciba Holding AG at CHF 50.00 per Ciba share. The offer equates to a premium of 64.3 percent over the volume-weighted average price of Ciba shares over the last 60 trading days and a premium of 32 percent over the closing share price on Sept. 12, 2008.      Ciba’s board of directors has thoroughly examined the offer and commissioned an independent fairness opinion. On this basis, the board of directors recommends that share...