BASF Ciba Merger - Good for shareholders?

BASF, the parent company of BASF India, announced on 15 September 2008 its intention to acquire Ciba Holdings AG, the parent company of Ciba India. Ciba India, informed about the public tender offer of BASF for shares of Ciba Holdings AG on 31 March 2009. BASF completed its acquisition of Ciba Holdings AG on 9 April 2009. On 11 April, BASF announced an open offer to acquire 20% shares of Ciba India at INR 237.13. The offer started on June 4, 2009 and ended on June 23, 2009. BASF was able to gather only 2.12% (281,584) more shares instead of 20% (2,656,164) that it offered to acquire. On September 7, 2009, both the companies, BASF India and Ciba India, announced to meet on September 12, 2009 for amalgamation. The share swap ratio was announced on September 14, 2009 where shareholders of Ciba India will get 90 shares of BASF India for every 100 shares held and shareholders of Ciba Research India will get 18 shares of BASF India for every 100 shares held.