Ingredion pursues $3.7 billion Tate & Lyle takeover deal
Tate & Lyle shares jumped 55 percent after Ingredion's proposed £2.74 billion takeover. The deal would create a major new global food ingredients giant.
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Ingredion is in talks to acquire Tate & Lyle for 2.74 billion pounds ($3.7B). The proposal offers 615 pence per share, representing a 64% premium over Wednesday's closing price. A merger would create an ingredients giant worth over $10B.
Tate & Lyle shares rose 55% to 580 pence following the announcement. The United Kingdom-based firm said the board must consider the offer, which includes 595 pence in cash and up to 20 pence in dividends. Mergermarket head Lucinda Guthrie said the disclosure acts as a price discovery mechanism to determine if a deal is possible.
