DuPont Extends Danisco Tender Offer Period to Accommodate Ongoing Regulatory Review
This offer provides Danisco shareholders with the certainty of cash at a significant premium above Danisco’s all-time high trading price before the offer was announced, and Danisco’s board believes it provides superior value to Danisco’s standalone strategy,” Kullman said.
2/21/2011 --- 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 to provide additional time to obtain regulatory approvals and clearances from the competition authorities in the European Union and China. The extended offer period ends on April 1, 2011, at 11 p.m. CET (5 p.m. EST), unless further extended as described in the offer document. All other terms and conditions of the offer remain unchanged.
“We are pleased with our progress at this stage in the tender offer period. We continue to move forward with regulatory approvals and remain confident that Danisco shareholders will continue to tender their shares as this process progresses,” said DuPont Chair and CEO Ellen Kullman.
“DuPont’s offer of DKK 665 is full, fair and firm and it is a result of a competitive and thorough auction process conducted by Danisco’s board of directors. This offer provides Danisco shareholders with the certainty of cash at a significant premium above Danisco’s all-time high trading price before the offer was announced, and Danisco’s board believes it provides superior value to Danisco’s standalone strategy,” Kullman said.
As previously stated in the offer document, the offer price represents a premium of 58.7 percent compared to the average price of Danisco’s shares in the 12 months prior to the announcement of the acquisition agreement, 32.5 percent compared to the average price during the last month prior to the announcement, and 25.5 percent compared to closing price on the last trading day prior to the announcement. .
“With clearance by the U.S. authorities completed and other regulatory approvals moving forward, we continue to expect the offer to be completed early in the second quarter,” Kullman said.
DuPont estimates that, as of the close of business on Feb. 17, Danisco shareholders already tendered approximately 5 percent of the outstanding shares to DuPont Denmark Holding ApS. The estimated acceptance level to date is in line with similar past voluntary tender offers in Denmark at this stage of the offer.
