The board believes the process we've embarked on will deliver higher value to stockholders than the BASF offer.

When you sell at an absolute auction, in its purest form, that is the market value of the property. Whether someone thinks it was worth more money doesn't matter. That's what the buyer was willing to spend at that particular moment.

A sale of the hotels would highlight the value of Ladbrokes.

BASF's offer is opportunistic and undervalues Engelhard.

Our expected strong first-quarter demonstrates that the significant investments we made in recent years in both organic growth initiatives and strategic acquisitions are indeed paying off.

In the 2006 to 2010 timeframe, the business plan calls for earnings per share growth of approximately 16.5 percent.