DENMARK/US: Danisco extends Genencor offer
Danish food ingredients firm Danisco has extended the deadline for its offer for all the remaining shares of US based biotechnology company Genencor to 19 April at 5pm New York time.
The offer previously was to expire on Wednesday 6 April 2005.
Danisco and its subsidiaries currently own approximately 41.6% of the outstanding shares of common stock of Genencor and have a contingent agreement with Eastman Chemical Company to buy its approximately 41.6% holding of Genencor common stock at US$15 per share. Danisco, through DH Subsidiary, is offering to purchase the balance of the outstanding shares of Genencor at $19.25 per share in cash.
Danisco has extended the expiration date of the tender offer due to further delay in the finalisation of the competition review of these transactions by regulators in Germany, it said.
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