DuPont, through its wholly owned subsidiary DuPont Denmark Holding ApS, announced that it has increased the price of its tender offer to acquire all of the outstanding shares of Danisco to DKK 700 in cash per share. The tender offer period has been extended for the last time to May 13, 2011, at 11 p.m. CEST (5 p.m. EDT). DuPont also announced that it has exercised its right to reduce the minimum number of shares required to be tendered to 80 percent from 90 percent in order to close the tender.
"These terms represent our best and final offer," said DuPont Chair and CEO Ellen Kullman. "This increase in the offer price and reduced minimum tender requirement will allow shareholders to tender with confidence, given the premium value and certainty of this offer. We believe the positive outlook and strong recent performances of both companies support these final terms and we remain confident this will bring the transaction to a successful and swift conclusion.
"We continue to believe the strategic and financial logic of this acquisition will deliver significant benefits to shareholders, customers and employees of both companies. However, unless 80 percent of Danisco shares are tendered by the May 13 deadline, we will end our offer, continue executing DuPont’s successful growth strategy, and explore other paths for achieving the benefits that Danisco would have offered us," Kullman noted.
"I am pleased to announce ATP's support of DuPont's increased offer, which comes following my discussions with DuPont regarding the interests of all of Danisco's shareholders. I ask that all Danisco shareholders join with ATP in supporting this compelling opportunity by tendering their shares in the offer," said Claus Wiinblad, Head of Danish Equities, ATP.
DuPont’s DKK 700 final offer represents a 67 percent premium compared to the average price of Danisco’s shares in the 12 months prior to the Jan. 9 announcement of the announcement agreement; 39 percent compared to the average price during the last month prior to Jan. 9; and 32 percent compared to closing price on the last trading day prior to Jan. 9.
All other terms and conditions of the tender offer remain unchanged. As previously announced, all regulatory conditions have now been met and the fully financed tender offer can be completed on May 13, 2011. DuPont estimates that, as of the close of business on April 29, Danisco shareholders had tendered approximately 48 percent of the outstanding shares to DuPont Denmark Holding ApS.