DSM to Buy Martek
December 21/Amsterdam/ADP News Netherlands -- Dutch chemical group DSM has offered $1.09 billion (829 million euros) to buy U.S. nutritional ingredients maker Martek Biosciences.
The deal values Martek at $31.50 per share in cash, representing a premium of 35% to its closing price on December 20.
DSM will fund the acquisition using its available cash resources.
Martek's board is recommending to shareholders to accept the offer, which is expected to start between January 10 and January 25 and to close in February 2011.
According to DSM, the proposed acquisition will immediately add to earnings per share and is expected to close in the first or the second quarter of 2011.
The deal will also add a new growth platform for natural, healthy polyunsaturated fatty acids (PUFAs) nutrition ingredients.
Martek has about 600 employees and generated sales of $450 million in its most recent fiscal year.
From the January 10, 2011, Prepared Foods E-dition