Tate & Lyle Confirms $3.7 Billion Takeover Discussions With Ingredion
Details of the Takeover Proposal
Background and Initial Approaches
May 14 (Reuters) - Britain's Tate & Lyle on Thursday said it was in discussions with U.S. rival Ingredion over a possible takeover of the food ingredients maker, valuing it at 2.74 billion pounds ($3.70 billion), after receiving multiple approaches.
Shareholder Offer and Valuation
Proposed Offer Structure
Under the proposal, Tate & Lyle shareholders would receive up to 615 pence per share - comprising 595 pence in cash and up to 20 pence in dividends - a 64% premium to its closing price of May 13.
Uncertainty of Firm Offer
The company said the proposal followed "a number of earlier approaches" from Ingredion, though there is no certainty a firm offer will be made.
Additional Information
Exchange Rate Reference
($1 = 0.7399 pounds)
Reporting Credits
(Reporting by Yamini Kalia in Bengaluru; Editing by Vijay Kishore)
