* Chairman Tandrup reiterates support for DuPont bid
* Follows reports of potential shareholder revolt
* Says board "totally satisfied" it got best possible value
* Says bid gives premium over historic highs
(Adds details, quotes, background, share price)
By Teis Jensen
COPENHAGEN, Jan 19 Danisco's DCO.CO chairman
reaffirmed support on Wednesday for chemicals group DuPont's
(DD.N) bid for the food ingredients and enzymes maker in what
appeared to be his first public response to reports of a looming
Chairman Jorgen Tandrup's remarks in an emailed statement
came in answer to questions from Reuters about a Danish
newspaper report that said some institutional investors were
teaming up to seek a higher bid or block the takeover.
"The offer from DuPont represents a fair value for the
company," Tandrup said.
U.S. chemicals giant DuPont announced on Jan. 9 that it
would pay $5.8 billion in cash or 665 crowns per share and
assume $500 million in Danisco debt to acquire the Danish
company with backing from Danisco's board. [ID:nN09219516]
Danisco shares wobbled off highs for the day after Tandrup's
comments to trade nearly flat, before edging back up 0.2 percent
at 662 crowns by 1525 GMT.
Tandrup said at the time of the bid that DuPont's was the
best of several offers and gave shareholders a 25 percent
premium over Danisco's all-time high share price set on the
trading day preceding the DuPont offer.
But since then, media have reported that some Danisco
shareholders have been unsatisfied with the offer and are ready
to look for a better deal.
"It (the deal) was made after a very thorough process
involving a number of interested parties," Tandrup said in the
email. "The offer maximises value for shareholders and the board
is totally satisfied that the process extracted the best
possible value for Danisco's shareholders."
"The offer not only compares favourably with any stand-alone
strategy with all its execution risks but delivers a premium to
shareholders compared with the recent historic high prices of
Danisco's shares, and a 90 percent premium to the share price
only a year ago," he said on Wednesday.
Earlier on Wednesday, Danish financial daily Borsen said
that "a handful" of big institutional investors who were not
impressed with the DuPont bid were talking to one another and
considering taking action against it.
"They want at least a higher bid, but are also considering
whether there is not a better case for letting Danisco continue
as an independent company and try to reap some of the
improvements in profitability that Danisco has promised its
shareholders," Borsen said, citing a source it did not identify.