DSM has tendered its 4.95 per cent stake in Danish ingredients firm Danisco, after buyer DuPont raised its offer to DKK700 on Friday following discussions with major shareholders.
DuPont initially offered DKK665 per share in January and required that 90 per cent of shares be tendered in order for the acquisition to proceed. However the deadline was extended twice as shareholders held out for a better price.
As of Friday around 48 per cent of shares had been tendered. However major shareholder ATP, which held over 5 per cent, has signalled its intention to tender at the new price. Now that DSM is on board, the deal looks more likely to proceed.
DuPont has also lowered the threshold for the sale to proceed to 80 per cent of shares. The final deadline – which cannot be extended again under Danish law – is set at May 13.