UPDATE: Ingredion confirms possible all-cash offer for Tate & Lyle

(Alliance News) - Ingredion Inc on Thursday afternoon confirmed that it has made a non-binding indicative offer for UK peer Tate & Lyle PLC.

London-based Tate & Lyle, responding to "press speculation", said earlier on Thursday that it had received a conditional offer valuing it at a maximum of 615 pence per share, or GBP2.74 billion in total, based on Tate & Lyle's 445.4 million shares in issue.

Ingredion later confirmed that it has made the 595p per share non-binding indicative all-cash offer for the food and beverage ingredient provider.

Ingredion also confirmed that Tate & Lyle shareholders would have the right to receive a final dividend for the year ended March 31 of up to 13p per share, as well as an interim dividend for the six months ending in September of up to 7p per share, subject to board and shareholder approval.

Tate & Lyle shares had surged 44% to 540.00p earlier on Thursday afternoon in London, giving it a market capitalisation of about GBP2.40 billion.

They were up 45% at 542.00p each, giving the firm a market cap of around GBP2.42 billion, around the time of the London market close on Thursday.

Tate & Lyle, which is known for sugar and golden syrup, noted that the offer "follows a number of earlier approaches from Ingredion to the board", and that it is currently in discussions regarding the proposal, but stressed there is no certainty a firm offer will be made.

Ingredion, a Westchester, Illinois-based food and beverage ingredient supplier focused on starches and sweeteners, has until June 11 to declare a firm intention to make an offer.

Ingredion confirmed that it is engaged in ongoing discussions and due diligence with Tate & Lyle to further explore a potential transaction. It also stressed that there is no certainty that it will make a binding offer, adding that it reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer.

"Ingredion believes a potential transaction would deliver significant benefits to customers, consumers, employees and Ingredion shareholders," Ingredion stated.

By Emma Curzon, Alliance News reporter

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