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DuPont succeeds in Danisco offer
17 May 2011: DuPont has successfully completed its tender offer for Danisco, as 92.2 per cent of outstanding shares in the Danish food ingredients firm were tendered by 13 May 2011.
The takeover offer of DKK700 per share values Danisco at $6.49 billion (approx Rs 28,880.5 crore), up from an initial offer of DKK665 or about $6.3 billion (approx Rs 28,035 crore) in January, which also required 90 per cent of shares to be tendered in order for the acquisition to proceed. The deadline was extended twice as shareholders held out for a better price – and by the time the last deadline expired on 2 May 2011, DuPont estimated that only about 48 per cent of shares had been tendered, prompting it to raise its bid.
Source: Nutraingredients