DuPont Extends Takeover Bid for Danisco by 4 Weeks (DD)

Chemical company DuPont DD extended its takeover bid for Danisco by four weeks after holders of 6% of the company's shares had accepted the offer. Danisco is a Danish company that develops and produces food ingredients, sweeteners and sugar. The $6 billion offer, according to Reuters, "was far below the 90 percent acceptance level that DuPont has required to carry out the deal and delist Danisco." DuPont offered 665 Danish crowns ($125.60) per share, and reiterated that it will not raise its price. The Reuters report notes that "Analysts said this week that market turmoil in the wake of crises in the Middle East and Japan would make DuPont increasingly disinclined to raise its bid, while at the same time Danisco many shareholders were holding out for more money." Shares of DuPont gained $0.66, or 1.22%, to close at $54.59 Tuesday.