Syngenta Announces Offer For Biotech/Seed Company Devgen
Syngenta announced today the intention to launch, via its subsidiary Syngenta Crop Protection AG, a voluntary and conditional public takeover bid in cash for all shares and warrants issued by Devgen NV. The bid offers a price of €16 per share and the price for warrants has been determined in conformity with market practices.
The bid has been recommended by the Board of Directors of Devgen and is supported by a number of major shareholders holding approximately 48% of all shares.
The bid is contingent upon the fulfillment of certain customary conditions, including receipt of acceptances in respect of at least 80% of the shares that are subject to the offer and the condition that Devgen does not suffer a material adverse change before the results of the offer are published.
Full details of the bid will be covered in the offer prospectus submitted by Syngenta and the memorandum of reply prepared by the Board of Directors of Devgen, following approval thereof by the FSMA, the Belgian financial markets regulator.