12 December 2012 08:20 [Source: ICIS news]
SINGAPORE (ICIS)--Swiss Syngenta said on Wednesday it now has control over 94.11% of Devgen, making its €403m ($523m) takeover offer for the Belgian hybrid seeds producer unconditional.
The Switzerland-based agrochemical producer has offered €16 for every share of Devgen.
Payment for the shares tendered so far will take place on 17 December, it said.
The offer will be reopened from 28 December 2012 to 18 January 2013 to allow the remaining share and warrant holders of Devgen to tender their securities, Syngenta said.
“If Syngenta acquires at least 95% of the shares in Devgen, it intends to proceed with a simplified squeeze-out in order to acquire by rule of law the remaining shares and warrants,” it said.
After the acquisition, Syngenta intends to delist Devgen from Euronext, the Pan-European exchange.
($1 = €0.77)
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