December 13, 2012
Syngenta completes initial acceptance period of Devgen bid
Press release
Syngenta announced that 94.11% of the total number of shares in Devgen was tendered under the terms of the offer, upon closing of the initial acceptance period of its bid for Devgen.
Syngenta has therefore confirmed that all conditions of its offer have been fulfilled and the bid has now become unconditional. Payment for the shares already tendered will take place on December 17, 2012, from which date the board of directors of Devgen will be composed of a majority of directors appointed by Syngenta.
The offer will be reopened as from December 28, 2012 until January 18, 2013 (16:00 Central European Time) to allow the remaining share and warrant holders to tender their securities. The results of the reopening will be published on January 25 and settlement will take place on January 30, 2013. The reopened offer will be unconditional and will be made at the same price as the original tender offer.
If Syngentaacquires at least 95% of the shares in Devgen, it intends to proceed with a simplified squeeze-out in order to acquire by rule of law the remaining shares and warrants. Syngenta will in any case request the delisting of Devgen.
Devgen innovates in crop protection research and environment induced stress tolerance for its own crops and provides technology to corporate partners.