Business
Possible 595 pence all-cash offer for Tate & Lyle
Ingredion Incorporated has made a non-binding indicative all-cash offer of 595 pence per share for Tate & Lyle PLC, with discussions and due diligence ongoing. The proposed offer permits Tate & Lyle to declare two ordinary dividends, totaling up to 13 pence for the financial year ending March 31, 2026, and up to 7 pence for the six months to September 30, 2026. Ingredion believes this potential transaction would bring significant benefits to various stakeholders. A further announcement is expected by June 11, 2026, regarding a firm intention to make an offer or a decision not to proceed. Disclaimer*
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE\n \n14 May 2026\n \nIngredion Incorporated (\"Ingredion\")\n \nPossible 595 pence all-cash offer for Tate & Lyle PLC\n \nIngredion notes the recent announcement by Tate & Lyle PLC (\"Tate & Lyle\") regarding a possible offer for the entire issued and to be issued share capital of Tate & Lyle.\n \nIngredion confirms it has made a non-binding indicative all-cash offer for Tate & Lyle at a price of 595 pence per Tate & Lyle share (the \"Possible Offer\"). \n \nUnder the terms of the Possible Offer, Ingredion would agree that Tate & Lyle would be permitted to declare and pay two ordinary course dividends in the form of a final dividend for the financial year ended 31 March 2026 of up to 13 pence per Tate & Lyle share and an interim dividend for the six months to 30 September 2026 of up to 7 pence per Tate & Lyle share (the \"Permitted Dividends\").\n \nIngredion believes a potential transaction would deliver significant benefits to customers, consumers, employees and Ingredion shareholders.\n \nIngredion is engaged in discussions and a period of due diligence with Tate & Lyle to further explore a potential transaction. Discussions are ongoing, and there can be no certainty that a binding offer will be made.\n \nIn accordance with Rule 2.5 of the Code, Ingredion reserves the right to make an offer for Tate & Lyle on less favorable terms than those set out in this announcement:\n(i) with the agreement or recommendation of the Board of Tate & Lyle;\n(ii) if a third party announces an offer or possible offer for Tate & Lyle which, at that date, is of a value less than the Possible Offer; or\n(iii) following the announcement by Tate &...