Devgen nv reports that Syngenta has announced an offer to acquire all outstanding shares of Devgen nv at a price of €16 in cash per share.
The public tender offer will start after the approval of the bid prospectus and the memorandum of reply by the Belgian Financial Services and Markets Authority (FSMA).
Subject to review of the final bid prospectus, the board of directors of Devgen supports the offer. The offer price of €16 per share represents a premium of 70% to Devgen’s closing price on NYSE Euronext Brussels as of 20 September 2012.
The board will provide its formal response to the proposed takeover bid in a memorandum which it will issue in due course in accordance with the applicable legal provisions.
The availability of the prospectus and the board’s memorandum will be announced, after the approval by the FSMA, via a press release and the company’s website.
Thierry Bogaert, CEO of Devgen, said: “This offer further confirms the value and achievements of Devgen’s R&D, breeding and commercial activities in Belgium, Singapore, India, the Philippines and Indonesia. I congratulate the team that built Devgen, by discovering new chemical and biotech crop protection solutions, by pioneering the next generation of hybrid rice and by building seed businesses in India and Southeast Asia. Devgen’s staff and management are committed to make this new opportunity a success and will be instrumental to leverage our proprietary technologies and products across Syngenta’s global platforms, one of the leading players in the agro-industry.”
The offer 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.
KBC Securities is acting as sole financial advisor to Devgen in this transaction.