Danish food ingredients firm Danisco today announced that the German competition authorities have finished their review of its offer for all the remaining shares of US based biotechnology company Genencor and have granted clearance.
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 a subsidiary, is conducting a tender offer to purchase the balance of the outstanding shares of Genencor at US$19.25 per share in cash.
Danisco previously extended the expiration date of the tender offer to permit additional time for the competition review in Germany. That review is now complete. The offer will expire on Tuesday 19 April 2005 at 5:00 pm New York City time, and Danisco will accept all tendered shares, subject to the continued satisfaction of the conditions of the offer. Shareholders of Genencor who wish to participate in the offer are urged to tender their shares by the expiration date of the offer, the company said.