Syngenta to squeeze out Devgen shares
Syngenta has closed the mandatory reopening of its bid for Belgian biotechnology company Devgen (Ghent) with 98.3% of the shares being tendered. Payment for the shares already tendered will take place on January 30th. As Syngenta has acquired more than 95% of the shares in Devgen, it will proceed with a simplified squeeze-out in order to acquire the remaining shares and warrants. A squeeze-out refers to the compulsory acquisition of the stakes of a small group of shareholders by means of cash compensation. It will take place from February 6th to February 26th and be settled on March 8th. Upon settlement of the squeeze-out, all the shares will have been acquired by Syngenta and become automatically delisted from NYSE Euronext Brussels exchange. The Swiss company announced its intention in September to bid for Devgen ( Agrow No 649, p 3).