DuPont raises Danisco bid in ‘final offer,’ extends tender to 13 May

29 April 2011 23:18  [Source: ICIS news]

LONDON (ICIS)--DuPont has raised its bid for Denmark's food ingredients and enzyme firm Danisco to Danish kroner (Dkr) 700 ($139)/share, from Dkr665/share, and extended the tender offer to 13 May - its best and final offer, the US chemicals major said on Friday.

DuPont also said it reduced the minimum number of shares required to be tendered from 90% to 80%  in order to close the transaction.

“This increase in the offer price and reduced minimum tender requirement will allow shareholders to tender with confidence, given the premium value and certainty of this offer,” CEO Ellen Kullman said.

“However, unless 80% of Danisco shares are tendered by the May 13 deadline, we will end our offer, continue executing DuPont’s successful growth strategy and explore other paths for achieving the benefits that Danisco would have offered us,” Kullman said.

DuPont has already twice extended the tender offer. The company announced the deal on 10 January, when the transaction was valued at about $6.3bn.

Up to close of business on Friday, 29 April, when DuPont's offer was due to expire under an earlier deadline, Danisco shareholders have tendered about 48% of the outstanding shares to DuPont.

Analysts have speculated that many Danisco shareholders were holding out for DuPont to raise its bid.

($1 = Dkr5.03)

For more on DuPont and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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