DuPont (NYSE:DD - News), through its wholly owned subsidiary DuPont Denmark Holding ApS, announced that it has successfully completed its tender offer for all outstanding shares of common stock of Danisco for DKK 700 cash per share. The tender offer expired on May 13, 2011, at 11 p.m. CEST (5 p.m. EDT).
DuPont estimates that, as of the expiration of the offer on May 13, Danisco shareholders had tendered approximately 92.2 percent of the outstanding shares to DuPont Denmark Holding ApS. All shares that were properly tendered have been accepted for purchase. Payment for those shares will be made in accordance with the terms of the tender offer.
"We are delighted that the tender has been successful and we can move on to the process of integrating Danisco into DuPont. Danisco's attractive specialty food ingredients businesses and Genencor's leading industrial enzymes complement DuPont's own Nutrition & Health and Applied BioSciences offerings," said DuPont Chair and CEO Ellen Kullman. "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," Kullman said. "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."
"We are very pleased that a vast majority of Danisco shareholders have accepted DuPont's offer and the two companies may now begin to move forward together," said Danisco Chairman Jorgen Tandrup. "DuPont and Danisco share cultures based in exceptional science and research capabilities. 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."
A copy of the Announcement of Completion for the tender offer is attached and available at www.dupontanddanisco.com.
DuPont (www.dupont.com) is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 90 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.