US chemicals group DuPont has put back the deadline for Danisco shareholders to accept its US$5.8bn takeover bid as EU and Chinese regulators look at the deal.
DuPont said yesterday it was extending the offer period by four weeks until 29 April. Regulators in the US have already cleared the deal.
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“The extension provides additional time to secure the necessary approvals from the competition authorities in the EU and China,” DuPont said.
The DuPont offer, announced in January and backed by the Danisco board, was set to expire on 1 April.
Since the bid was made, reports in Denmark have suggested that not all Danisco shareholders believe the DuPont offer adequately values the food ingredients maker.
At the close of business on 29 March, around 6% of the outstanding shares in Danisco have been tendered in favour of the offer.
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By GlobalDataA DuPont spokesperson told just-food that the company had indicated that it would only proceed with the transaction if 90% or more of shareholders tender their shares.
DuPont claimed yesterday that the level of acceptances was “similar to past voluntary tender offers in Denmark at this stage of the offer”.
The US group also said its offer of DKK665 a share is a more than 58% premium to the average price of Danisco’s stock in the year before its bid was announced.
“We believe Danisco shareholders are recognising that our offer is full, fair and firm and, moreover, it is the best offer available and provides certainty to shareholders,” said DuPont chair and CEO Ellen Kullman. “We continue to make good progress on the necessary regulatory approvals and we look forward to completing the tender process promptly once regulatory approvals are received.”
