The European Commission (EC) has approved, under the European Union Merger Regulation, the tender offer by DuPont Denmark Holding ApS to acquire all of the outstanding shares of Danisco at a price of DKK 665 in cash per share. DuPont Denmark Holding ApS is a wholly owned and fully controlled subsidiary of DuPont (NYSE: DD).
"We are pleased to have achieved one of the last important milestones in the pending acquisition of Danisco," said DuPont Chair and CEO Ellen Kullman. "Only Chinese approval now remains as a regulatory condition of closing. We remain confident that Danisco shareholders will follow their Board's recommendation to accept our premium cash offer and the transaction will be completed later this month."
The EC approval satisfies another major condition of the tender offer. Competition approval has already been obtained in the United States and similar regulatory approval in China is progressing. The offer period ends on April 29, 2011, at 11 p.m. CEST (5 p.m. EDT), unless further extended as described in the offer document.