US hedge fund Elliott Associates has bought a 4.9% stake in food ingredients group Danisco, which is the subject of a US$5.8bn takeover bid from chemicals giant DuPont.

The fund’s move has been revealed just days before the deadline for Danisco shareholders to accept DuPont’s offer expires.

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However, some shareholders in Danisco have argued that DuPont’s bid does not adequately value the Danish business.

A source familiar with Elliott’s investment told just-food today (26 April) that the fund was “extremely confident” that DuPont would not receive the support it needs to proceed with its bid. DuPont’s offer expires on 29 April and the company needs the backing of 90% of Danisco’s shareholders.

DuPont declined to comment on Elliott’s investment in Danisco but a spokesperson for the US group said the company’s offer for the ingredients maker remained “full, fair and firm”.

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