DuPont Gives Danisco More Time (DD)

The New York Times DealBook is reporting that DuPont DD is extending its offer for Danish company Danisco for the second time, as it really hopes to win shareholder approval for the company. DuPont had offered $6 billion for the food ingredients company. The Delaware-based company said it is still awaiting regulatory approval from the European Union and China, hence the reason for the deadline being pushed back to the end of April. American regulators have already okayed the deal. “We believe Danisco shareholders are recognizing that our offer is full, fair and firm and, moreover, it is the best offer available and provides certainty to shareholders,” Ellen Kullman, DuPont's chief executive, said in a statement. “We continue to make good progress on the necessary regulatory approvals and we look forward to completing the tender process promptly once regulatory approvals are received,” DuPont is offering approximately $125.67 per share for Danisco, which is a 58.7% premium to the company's average trading price over the past year. Shares of DuPont are up 51 cents to $55.10, a gain of 0.9% in early Wendesday trading.