DuPont completes bid for Danisco
May 17, 2011
by Eric Schroeder
COPENHAGEN, Denmark — EI du Pont de Nemours and Co. has completed its tender offer for all outstanding shares of common stock of Danisco for 700 Danish kroner ($139.12) per share. The bid, which was up from DuPont’s earlier offer of 665 Danish kroner in January, values the transaction at more than $6 billion.
More than 92 percent of shareholders approved the tender, the companies said May 16.
“We are delighted that the tender has been successful and we can move on to the process of integrating Danisco into DuPont,” said Ellen Kullman, chairman and CEO of DuPont. “Danisco’s attractive specialty food ingredients businesses and Genencor’s leading industrial enzymes complement DuPont’s own Nutrition & Health and Applied BioSciences offerings. This combination will create an industry leader in industrial biosciences and nutrition and health.
“These businesses will work together to drive sustainable growth and market-driven innovation by linking agriculture, nutrition and advanced materials through industrial biosciences,” she added. “In addition, the R&D combination of DuPont, Danisco and Genencor will enable us to further respond to global megatrends and help provide for the food, energy and protection needs of a growing population.”
Jorgen Tandrup, chairman of Danisco, said he was pleased that “a vast majority” of Danisco shareholders accepted DuPont’s offer. “DuPont and Danisco share cultures based in exceptional science and research capabilities,” Tandrup said. “Our combined strengths in biosciences and nutrition and health will deliver innovative new offerings for customers worldwide, while helping to grow these businesses in ways that will benefit employees, shareholders and the communities in which we serve. We look forward to this next exciting chapter of discovery and success for the joined companies.”