Syngenta commences bid for Devgen
Syngenta has commenced its tender offer for all outstanding shares and warrants in Belgian biotechnology company Devgen (Ghent). The Swiss company announced its intention in September to bid €16 ($20 at the current rate) a share ( Agrow No 649, p 3). The bid has been recommended by the board of directors of Devgen and is supported by a number of major shareholders holding approximately 48% of shares, Syngenta says. It has been approved by the Belgian Financial Services and Markets Authority. The acceptance period for the tender offer opens on November 14th and is scheduled to close on December 5th. The results of the tender offer will be published on December 12th and, if the offer is successful, settlement will take place on December 17th. Devgen is listed on the NYSE Euronext Brussels exchange and delisting is planned on completion of the transaction.