February 21, 2011

DuPont prolongs bid for Danisco

Dupont has yet to obtain anti-trust clearance for its takeover offer for Danish player Danisco in the EU and China, and will extend the acceptance period to April 1.

The bid has already been approved in the US. If DuPont does not obtain the remaining approvals by April 1, the offer will be further extended to April 29, Danisco said.

Last month, DuPont launched a recommended takeover offer for food ingredients and enzymes maker Danisco, priced at DKK665 (US$122) per share.

The results of the bid are now expected to be published on April 4 and closure is still planned for the second quarter of 2010.

By February 17, the offer had achieved an acceptance level of some 5%. This is in line with other similar bids at this stage considering the fact that in Denmark acceptance of a tender offer is binding and therefore shareholders often wait until all regulatory approvals have been obtained, Danisco said.