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.