DuPont extends $6-billion offer for Danisco till 29 April
30 Mar 2011
US chemicals giant DuPont has extended its $6 billion takeover bid for Danisco by four weeks after holders of only 6 per cent of the Danish company's shares had accepted the offer.
Danisco is a leader in food ingredients, sweeteners and bio-based solutions.
DuPont Denmark Holding ApS, the wholly owned subsidiary of DuPont, has extended the tender offer period for acquisition of Danisco A/S shares by four weeks ending on 29 April 2011. The closing date will remain unless further extended as described in the offer document, DuPont said in a release today.
DuPont requires 90 per cent acceptance level for carrying out the deal and delist Danisco. The company hopes the extension to bring in the required number of acceptances.
The extension will provide additional time to secure the necessary approvals from the competition authorities in the European Union (EU) and China, DuPont said. All other terms and conditions of the tender offer remain unchanged. The offer is proceeding toward an early second quarter closing, the company said.
"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. 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," said DuPont chairman and CEO Ellen Kullman.