DuPont's Danisco bid rejected by US shareholder

US chemical company DuPont's bid for Danish enzymes and food ingredients firm Danisco is too low, according to US shareholder Elliott Associates, Danish daily Borsen reports. The shareholder, a New York-based hedge fund, criticizes Danisco's board for recommending the bid.

Elliott Associates wants a higher price for Danisco or to keep Danisco as an independent company, Borsen writes, citing a letter Elliott Associates sent to Danisco's board. Elliott Associates controls about 1.25 percent of the Danisco shares, according to Borsen, making it one of the largest shareholders in the company.

DuPont has offered DKK665 (€ 89.17 or US$120.90) a share for the Danish food ingredients company. According to Borsen, several large hedge funds have bought Danisco shares amid speculation that DuPont will raise its bid. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.