DuPont will not raise bid for Danisco again – CEO Kullman

10 May 2011 15:00  [Source: ICIS news]

LONDON (ICIS)--DuPont will not raise its Danish kroner (DKr) 700 ($135, €94.50)/share bid for Danish food ingredients and enzyme firm Danisco, Ellen Kullman, CEO of the US science-based company, said on Tuesday.

On 29 April, Wilmington, Delaware-headquartered DuPont raised its bid from DKr665/share first offered in January, and extended the tender offer – for the third time – to 13 May.

“To be clear, we will not raise our price or further amend or extend our offer,” Kullman said, adding the terms represent DuPont’s “best and final offer”.

Kullman made the announcement as the deadline approaches to ensure “there is no confusion in the market regarding our offer or our intentions”.

She added that “all major Danish institutional investors” support DuPont’s increased offer.

DuPont did not disclose the percentage of Danisco shares tendered to date.

For the deal to close, a minimum of 80% of outstanding Danisco shares must be tendered.

At close of business on 29 April, Danisco shareholders had tendered about 48% of the outstanding shares to DuPont.

($1 = DKr5.2)

($1 = €0.70)

For more on DuPont and other producers, visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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