Tate & Lyle Shares Surge on £2.7bn Takeover Bid
Shares in Tate & Lyle soared nearly 50 per cent on Thursday after the FTSE 250 ingredients giant revealed it had received a £2.7bn takeover bid from US food firm Ingredion. The stock jumped 45 per cent to 543p in early trading, following the announcement that the company's board is discussing the proposal.
The bid values Tate & Lyle at 615p per share, a significant premium to its previous closing price. In a statement, Tate & Lyle confirmed that the approach follows several earlier informal approaches from Ingredion. The board is now in discussions regarding the potential offer, though the company cautioned that there is no certainty a formal offer will be made.
“The Proposal follows a number of earlier approaches from Ingredion to the Board regarding a possible offer for Tate & Lyle. The Board and Ingredion are in discussions regarding the Proposal,” the company said. “There can be no certainty that any offer will be made, nor as to the final terms on which any offer might be made. A further announcement will be made when appropriate.”
This is a breaking news story and more details are expected to follow as the situation develops.
