Danisco shares climb 3.2% on higher DuPont bid

Danisco's shares jumped 3.2% after US chemicals group DuPont late Friday (Apr29) raised its offer for the Danish firm to US$6.64 billion.

DuPont increased its Danisco offer to DKK700 (US$138.63) per share, a 5% rise from DKK665 (US$131.70).

The bid was announced in an attempt to persuade reluctant Danisco shareholders to take the deal that was first announced last January and endorsed further by the Danisco board. They told shareholders on Monday to accept the raised offer, noting it would be the final bid.

"The board confirms that it believes that the increased offer price represents compelling value for the shareholders of Danisco and reiterates its unanimous recommendation to shareholders to accept the offer before May 13, 2011, when the offer period expires," Danisco added.

DuPont also extended the offer period to May 13 and lowered the acceptance level it requires of Danisco shareholders, from 90% to 80%.

Danisco shares were up 4.3% at DKK697 (US$138.03) by 0956 GMT after earlier rising to an all-time high of DKK698 (US$138.23).