Syngenta secures 94 per cent share in Devgen

Syngenta secures 94 per cent share in Devgen

10:30 AM, 13th December 2012
Syngenta secures 94 per cent share in Devgen

BASEL, SWITZERLAND: Syngenta announced that, upon closing of the initial acceptance period of its bid for Devgen, 94.11 per cent of the total number of shares in Devgen has been tendered under the terms of the offer. Syngenta has therefore confirmed that all conditions of its offer have been fulfilled and the bid has now become unconditional. Payment for the shares already tendered will take place on 17 December 2012, from which date the board of directors of Devgen will be composed of a majority of directors appointed by Syngenta.

The offer will be reopened as from 28 December 2012 until 18 January 2013 to allow the remaining share and warrant holders to tender their securities. The results of the reopening will be published on 25 January 2013 and settlement will take place on 30 January 2013. The reopened offer will be unconditional and will be made at the same price as the original tender offer.

If Syngenta acquires at least 95 per cent of the shares in Devgen, it intends to proceed with a simplified squeeze-out in order to acquire by rule of law the remaining shares and warrants. Syngenta will in any case request the delisting of Devgen.

© WOC News

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