Ingredion Incorporated has made a non-binding indicative all-cash offer of 595p per share for the entire issued and to be issued share capital of Tate & Lyle (LSE:LON:TATE).
Ingredion is engaged in discussions and a period of due diligence with Tate & Lyle and there can be no certainty that a binding offer will be made.
Under the terms of the possible offer Ingredion would permit Tate & Lyle to declare and pay a final dividend for the year ended 31 March of up to 13p per share and an interim dividend for the six months to 30 September of up to 7p per share.
The proposal is all-cash at 595p per share, and Ingredion reserves the right to introduce other forms of consideration, vary the mix or adjust the terms to take account of any distributions announced after this announcement other than the permitted dividends.
"Ingredion believes a potential transaction would deliver significant benefits to customers, consumers, employees and Ingredion shareholders," Ingredion said.
Ingredion has until 5.00 pm (London time) on 11 June to announce a firm intention to make an offer.
