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Danisco board backs higher DuPont bid


Danisco board backs higher DuPont bid


Denmark’s Danisco has urged its shareholders to accept a higher takeover bid from US chemicals group DuPont and said they will not get a better offer.

DuPont has raised the price its prepared to pay for the Danish food ingredients and enzymes producer by five percent to the equivalent of4.47 billion euros.

Fund managers welcomed what they called the “decent offer” and said it would likely succeed.

The sweetened bid is an attempt to persuade reluctant Danisco shareholders to accept a deal first announced in January.

DuPont also lowered the acceptance level that it requires of Danisco shareholders to 80 percent from 90 percent and extended the offer period to May 13.

SEB Asset Management, which has about two percent of Danisco’s stock under management said it would accept the new offer. SEB’s head of Danish equity investments, Niels Andersen, said: “The bid is not fantastic but it is a fair price.”

LD Invest, which manages six billion Danish crowns worth of stock for 12 Danish institutional investors who had been reluctant to take the earlier offer, said investors should accept the new offer.

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