30 March 2011 15:19 [Source: ICIS news]
TORONTO (ICIS)--DuPont is extending its tender offer to acquire the shares of Denmark's Danisco, for a second time, the US chemicals major said on Wednesday.
DuPont also indicated it will not raise its bid.
The company said its second extension, by four weeks until 29 April, for its $6.3bn (€4.5bn) deal to acquire the Danish food ingredients and enzymes firm would provide additional time to secure approvals from regulators in the EU and ?xml:namespace>
"We believe Danisco shareholders are recognising that our offer is full, fair and firm and, moreover, it is the best offer available and provides certainty to shareholders,” said CEO Ellen Kullman.
“We continue to make good progress on the necessary regulatory approvals and we look forward to completing the tender process promptly once regulatory approvals are received," she added.
DuPont expects to close the offer for the deal, which has been approved by US regulators, early in the second quarter. The company first announced the planned acquisition on 10 January.
DuPont estimates that, as of the close of business on 29 March, Danisco shareholders had tendered approximately 6% of the outstanding shares.
This was an acceptance level consistent with similar past voluntary tender offers in
On 18 February, when DuPont extended the offer for the first time, it estimated that Danisco shareholders had tendered around 5% of the outstanding shares to DuPont.
Reuters, citing a Danish analyst, reported that DuPont's latest four-week extension of the offer may also be due to a low uptake by Danisco shareholders who were holding out for DuPont to raise its bid.
($1 = €0.71)For more on DuPont and other producers visit ICIS company intelligence
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