Syngenta bids for Devgen takeover
Syngenta is to bid €16 ($21) a share to acquire Belgian biotechnology company, Devgen (Ghent). The bid is supported by “a number of major shareholders holding approximately 48%” of shares, Syngenta says. That values the company at some €403 million ($529 million), Syngenta says. The offer requires the acceptance of 80% of value shareholders, and the condition that Devgen “does not suffer a material adverse change before the results of the offer are published”. Full details will be released in the offer prospectus following the Devgen reply and approval by the Belgian regulator, the FSMA. The companies have recently agreed a six-year deal for Syngenta’s use of Devgen’s RNA interference technology platform in its crop protection pipeline ( Agrow No 640, p 4).