21 January 2011 13:25 [Source: ICIS news]
TORONTO (ICIS)--DuPont has begun its public tender offer to acquire all outstanding shares of Danish food ingredients and enzymes firm Danisco for Danish kroner (DKr) 665 ($121)/share, the ?xml:namespace>
DuPont, which announced the $6.3bn deal for Danisco last week, said it expected to complete the transaction early in the second quarter.
Danisco’s board of directors had recommended the offer to shareholders, DuPont said. The offer price reflected a 58.7% premium over the average price of Danisco's shares in the 12 months prior to the announcement of the acquisition agreement, it said.
The offer is conditional on shareholders holding more than 90% of Danisco's shares accepting the offer, as well as approvals or clearances from competition authorities in the EU,
"Our fully valued offer and significant premium recognise Danisco's standing as a premier company that fits with DuPont's strategy," said DuPont CEO Ellen Kullman.
"Our companies share a deep commitment to scientific discovery and market-driven innovation to solve some of the most difficult challenges posed by global population growth,” she said.
($1 = DKr5.51)For more on DuPont and other producers visit ICIS company intelligence
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