Danone WhiteWave Deal Imminent After Legal Nod of Approval
06 Apr 2017 --- Danone has received court approval to complete the WhiteWave acquisition and the companies expect the transaction could close within the next few days.
Yesterday (Apr 5), the US District Court for the District of Columbia issued an order which signals the completion of Danone’s acquisition of Whitewave, makers and marketers of plant-based foods and beverages, premium dairy products and organic produce.
Last week the French multinational food-products corporation made a major step towards the closing of the WhiteWave deal when it reached an agreement with the Antitrust Division of the United States Department of Justice, and decided to sell one of its US dairy subsidiaries, Stonyfield.
This was at the end of March and the move expected to permit closing of the acquisition which is even closer now, according to the company statement.
It says: “Danone is pleased to announce that the U.S. District Court for the District of Columbia issued an order on April 5th which will allow for the completion of the company’s acquisition of WhiteWave.”
“Danone and WhiteWave expect the transaction to close within 5 business days as from the date of the court’s order of April 5th, 2017.”
Danone is continuing to tap into demand for healthier food and once the deal is completed it will be the world’s largest producer of organic food.
A statement from Whitewave adds: “Each share of WhiteWave common stock issued and outstanding immediately prior to the effective time of the merger will automatically be cancelled and converted into the right to receive $56.25 in cash, without interest, less any applicable withholding taxes.”
“In accordance with the Agreement and Plan of Merger dated July 6, 2016 (the “Merger Agreement”), WhiteWave and Danone will extend the Long Stop Date under the Merger Agreement to allow for the completion of the merger.”
