Danisco further extends timeline on Genencor acquisition

Danisco has once again had to extend the expiration date of its tender offer for all of the shares of common stock of Genencor International, Inc., this time to the 19th of April. The expiration date had previously been delayed until today. Danisco has extended the expiration date of the tender offer due to further delay in the finalisation of the competition review of these transactions by regulators in Germany. Natalie Weber at Danisco told FoodIngredientsFirst that the delay was purely down to German competition authorities “and that alone.” She confirmed that the acquisition would still take place during May.

Danisco announced at the end of January that it would buy Eastman Chemical Company’s 41.6% shares in Genencor International for 419 million euros. The move would make Danisco the number two player in the enzymes industry after Novozymes.

Danisco and its subsidiaries currently own approximately 41.6% of the outstanding shares of common stock of Genencor and have a contingent agreement with Eastman Chemical Company to buy its approximately 41.6% holding of Genencor common stock at USD 15 per share. Danisco, through DH Subsidiary, is offering to purchase the balance of the outstanding shares of Genencor at USD 19.25 per share in cash.

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