Syngenta Plans To Launch EUR 16/shr Voluntary Cash Offer For Belgium's Devgen

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9/21/2012 1:48 AM ET

Swiss agribusiness company Syngenta AG (SYT: Quote) on Friday said it intends to launch a public voluntary offer in cash for Belgian agro-biotechnology company Devgen NV for 16 euros per share.

Syngenta will launch the voluntary and conditional public takeover bid through its subsidiary Syngenta Crop Protection AG for all shares and warrants issued by Devgen. The company noted that the price for warrants has been determined in conformity with market practices.

Devgen's Board of Directors has recommended the bid, which is also supported by a number of major shareholders holding approximately 48 percent of all shares.

Syngenta said the bid is contingent upon the fulfillment of certain customary conditions, including receipt of acceptances in respect of at least 80 percent of the shares that are subject to the offer. The condition also includes that Devgen does not suffer a material adverse change before the results of the offer are published.

Devgen, a hybrid rice and RNAi technology firm, specializes in agro-biotechnologies and molecular breeding technologies to develop high yielding seeds and crop protection solutions.

Syngenta, which is on an acquisition spree aiming to expand its business, on Wednesday agreed to acquire US-based biotechnology company Pasteuria Bioscience, Inc. The transaction is expected to close in the fourth quarter of 2012.

In late August, Syngenta said it would acquire the DuPont Professional Products insecticide business, a supplier of innovative products for the professional turf, ornamentals and home pest control markets. The transaction may close in the fourth quarter. The company then said the deal would expand the range of products it offers to golf course and lawn care professionals and to ornamental growers, and would also strengthen its portfolio for the control of home pests.

Syngenta shares closed Thursday's trading at $73.81, down $0.30 or 0.40 percent on the NYSE.

In Belgium, Devgen shares settled at 9.43 euros, up 0.02 euros or 0.21 percent.

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by RTT Staff Writer

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