US/DENMARK: DuPont's Danisco bid faces fresh challenge
Danisco said today (9 May) that Elliott, as of 6 May, held 10.2% of the business, which is the subject of a renewed US$6.44bn takeover bid from DuPont. Last month, Elliott bought its first stake in Danisco, with the acquisition of 4.9% of the company.
The US chemicals group made its "final" bid for Danisco last week after failing to secure enough shareholder support for its initial offer, which it tabled in January. DuPont increased its offer by 5% to DKK700 a share.
Some shareholders believed that DuPont's initial bid did not adequately value Danisco. Only 48% of investors tendered their shares for the initial DKK665-a-share bid, which was supported by Danisco's board. This fell far short of the 90% threshold required for it to go through. Alongside its new offer, DuPont has also lowered the threshold of acceptance from 90% to 80%.
Elliott's stake-builidng, however, suggests it could be planning to hold out when DuPont's tender closes on 13 May.
The owners of soy ingredients maker Solae have reportedly started to examine the options for the business....
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