May 23, 2011

DuPont secures shareholders' backing for Danisco's bid

DuPont has secured the support of Danisco shareholders for its bid to buy Danisco, which allows DuPont to move on to the process of integration.

DuPont's chair and CEO, Ellen Kullman, said that she was delighted that the company had won over enough Danisco investors for its offer to be accepted.

Danisco shareholders rejected DuPont's initial bid, which was tabled in January and worth DKK665 (US$125) a share, valuing the company at US$5.8 billion. Four weeks back, DuPont put forward its "best and final" offer of DKK700 (US$132) a share, equating to US$6.44 billion. DuPont also reduced the level of support it needed from Danisco shareholders, from 90% to 80%.

There had been some speculation that DuPont's offer revised bid may not prove successful after US hedge fund Elliott Associates took its stake in Danisco above 10%.

"We are delighted that the tender has been successful and we can move on to the process of integrating Danisco into DuPont," Kullman said. "This combination will create an industry leader in industrial biosciences and nutrition and health."