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news.Danisco, one of the world's largest producers of food ingredients, has signed a definitive agreement to acquire diversified biotech firm Genencor International. This move will enable Danisco to expand into the key new business area of industrial enzymes and has already sent shares in both companies up, with Genencor's rise approaching 23%.
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Genecor develops and delivers innovative products and services into the healthcare, agri-processing, industrial and consumer markets.
Danisco is to pay DKK 2,413 million ($419 million)in total for Genencor stock currently held by Eastman. Danisco and Eastman currently each own approximately 42% of Genencor’s outstanding shares of common stock and 50% of Genencor’s outstanding shares of preferred stock.
The acquisition agreement, which is subject to certain conditions, is expected to be completed by May 31.
A special committee comprised of independent directors of Genencor has reviewed and recommended the transaction and Genencor’s board of directors has approved the acquisition agreement and the transaction.