WILMINGTON, Delaware (AP) -- Chemicals maker DuPont said Wednesday it is extending its offer for Danish food additives maker Danisco AS, giving shareholders until April 29 to tender their shares in favor of the $5.8 billion deal.
The company had already extended the deadline in February by more than a month to allow more time for regulatory clearances. DuPont is waiting for approval from European Union and Chinese authorities. Those hurdles have already been cleared in the U.S.
DuPont estimates that Danisco shareholders had only tendered about 6 percent of their stock as of Tuesday, but DuPont said in its statement that level is normal at this stage of the offering process.
DuPont announced its intention to buy Danisco in January, aiming to strengthen its products that improve the taste and health benefits of food. The deal would also give DuPont more exposure to alternative fuel markets, like ethanol, where Danisco products are also used.
The company had already extended the deadline in February by more than a month to allow more time for regulatory clearances. DuPont is waiting for approval from European Union and Chinese authorities. Those hurdles have already been cleared in the U.S.
DuPont estimates that Danisco shareholders had only tendered about 6 percent of their stock as of Tuesday, but DuPont said in its statement that level is normal at this stage of the offering process.
DuPont announced its intention to buy Danisco in January, aiming to strengthen its products that improve the taste and health benefits of food. The deal would also give DuPont more exposure to alternative fuel markets, like ethanol, where Danisco products are also used.