US chemicals group DuPont has secured the backing of Danisco shareholders for its bid to buy the Danish food ingredients group.
DuPont chair and CEO Ellen Kullman said today (16 May) she was “delighted” that the company had won over enough Danisco investors for its offer to be accepted.
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Danisco shareholders rejected DuPont’s initial bid, which was tabled in January and worth DKK665 a share, valuing the company at US$5.8bn. Three weeks ago, DuPont put forward its “best and final” offer of DKK700 a share, or $6.44bn. DuPont also reduced the level of support it needed from Danisco shareholders, from 90% to 80%.
There had been some speculation that DuPont’s offer revised bid may not prove successful after US hedge fund Elliott Associates took its stake in Danisco above 10%.
“We are delighted that the tender has been successful and we can move on to the process of integrating Danisco into DuPont,” Kullman said. “Danisco’s attractive specialty food ingredients businesses and Genencor’s leading industrial enzymes complement DuPont’s own nutrition and health and applied biosciences offerings. This combination will create an industry leader in industrial biosciences and nutrition and health.”
Danisco’s board had backed both offers and chairman Jorgen Tandrup said the company was “very pleased” that the “vast majority” of the group’s investors had accepted DuPont’s offer.
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