Danisco to acquire Genencor
Danisco - a producer of food ingredients - and biotechnology company Genencor International have signed a definitive agreement for Danisco to acquire all the outstanding shares of common stock of Genencor, other than those held by Danisco, Eastman Chemical Company or their respective subsidiaries, for $19.25 per share in cash.
Danisco - a producer of food ingredients - and biotechnology company Genencor International have signed a definitive agreement for Danisco to acquire all the outstanding shares of common stock of Genencor, other than those held by Danisco, Eastman Chemical Company or their respective subsidiaries, for $19.25 per share in cash.
In connection with the definitive agreement with Genencor, Danisco has entered into a definitive stock purchase agreement with Eastman under which Danisco will acquire all of the outstanding shares of common stock of Genencor held by Eastman for $15 per share in cash and all of the outstanding shares of preferred stock of Genencor held by Eastman for $44m in cash. Danisco and Eastman currently each own approximately 42% of Genencor's outstanding shares of common stock and 50% of Genencor's outstanding shares of preferred stock.
'Being an advanced and recognised biotechnology company, Genencor will expand our knowledge base significantly and broaden our access to an important new business area, industrial enzymes,' said Alf Duch-Pedersen, ceo of Danisco.
The acquisition is subject to certain conditions, but if these are met Danisco and Genencor currently expect the transaction to be completed by the end of May, 2005.