DuPont Extends Danisco Tender Offer Period to
On March 30, DuPont announced that its wholly-owned subsidiary DuPont Denmark Holding ApS is extending the tender offer period relating to its acquisition of Danisco A/S shares. The extension provides additional time to secure the necessary approvals from the competition authorities in the European Union (EU) and China.
As required by Danish regulations, the new offer period is extended four weeks and will end on April 29, 2011, at 11 p.m. CEST (5 p.m. EDT), unless further extended as described in the offer document. All other terms and conditions of the tender offer remain unchanged. The offer is proceeding toward an early second quarter closing.
“We believe Danisco shareholders are recognizing that our offer is full, fair and firm and, moreover, it is the best offer available and provides certainty to shareholders,” said DuPont Chair & CEO Ellen Kullman. “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.”
Competition approval has already been obtained in the U.S. and competition approvals in the EU and in China continue to make progress.
On Jan. 9, DuPont entered into a definitive agreement for the acquisition of Danisco for DKK 665 cash per share and the tender offer commenced on Jan. 21. On Jan. 21, Danisco announced that its board of directors unanimously recommended that Danisco shareholders accept the offer. On Jan. 28, DuPont announced the expiration of the U.S. anti-trust waiting period in connection with the tender offer. On Feb. 9, Danisco announced that all members of the executive board and the board of directors had tendered their shares. On Feb. 18, DuPont announced that the tender offer period would be extended to April 1 to provide additional time for regulatory approvals.
View the press release.