Packaging
DuPont Extends Danisco Tender Offer Period to Accommodate Ongoing Regulatory Reviews; Regulatory Approval Process Remains on Track for Early Second Quarter Closing
Tuesday 22. February 2011 - On Feb. 18, 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 (EU) 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.
“DuPonts offer of DKK 665 is full, fair and firm, and it is a result of a competitive and thorough auction process conducted by Daniscos board of directors. This offer provides Danisco shareholders with the certainty of cash at a significant premium above Daniscos all-time high trading price before the offer was announced, and Daniscos board believes it provides superior value to Daniscos standalone strategy,” Ellen said.
“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,” Ellen said.
On Jan. 9, DuPont entered into a definitive agreement for the acquisition of Danisco for DKK 665 in 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.