DuPont, (NYSE:DD) announced that it has increased its tender offer for Danisco Co. (DNSCY.PK) via its wholly owned subsidiary DuPont Denmark Holding ApS to acquire all of the outstanding shares of the company for 700 danish krone in cash a share.
Chief Executive Officer Ellen Kullman said, "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."
DuPont's 700 danish krone final offer is a 67 percent premium over the average price of Danisco's shares in the 12 months before the January 9 announcement of the agreement.
DuPont also said that it has exercised its right to lower the minimum number of shares required to be tendered to 80 percent from 90 percent so they can close the tender. The tender offer period has been extended to May 13, 2011.
Danisco Co. (DNSCY.PK) closed Friday at $16.64, up $0.29, or 1.77 percent. Dupont closed at $56.79, gaining $0.04, or 0.07 percent.
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