DuPont announces binding offer for Danisco

Danisco A/S has received a binding offer from DuPont. Danisco’s Board of Directors recommends this offer, which we believe represents a strong value proposition to our shareholders and is in the best interest of our business and employees.

Highlights
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DuPont will offer DKK 665 for each share of Danisco in cash, equivalent to a total transaction value of DKK 36.1 billion.
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This offer represents a 25% premium to Danisco’s closing share price on January 7, 2011, a 33% premium to last month’s average share price, and a 90% premium to the share price 12 months ago.
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The offer represents a multiple of 12.8x EBITDA based on the last twelve months.
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The transaction represents a strong strategic fit and creates new growth opportunities for both companies.
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Danisco will host an investor and press conference today at 12:00 CET at Langebrogade 1, Copenhagen.
This conference will be available on webcast and can be followed on www.danisco.com.

Jørgen Tandrup, Danisco’s Chairman of the Board of Directors, comments: “We believe this offer represents attractive value for Danisco shareholders at a time when the share price is at an all-time high, and that it is in the best interest of the business and our employees. There will be substantial opportunities as part of a larger group and DuPont will bring significant advantages to Danisco’s strategy and further development. DuPont and Danisco make a powerful combination and will benefit from each others’ complementary strengths and skills.”

Tom Knutzen, Danisco’s CEO, comments: “Danisco has become a leader in food ingredients, bio-based solutions and industrial biotech. We are very proud of these achievements and are pleased that DuPont recognises the value of our businesses and our skilled employees. Danisco will make up an important part of DuPont, which is committed to develop new business and drive further growth. The transaction is about creating value and exploiting future potential. We look forward to working together to ensure the continued success and growth of our business.”