Ingredion bids £615p per Tate & Lyle share in a $3.7bn deal; UK M&A boom with international bids. Tate & Lyle is a London-listed maker of sweeteners and starches.
Ingredion has agreed to acquire Tate & Lyle for 2.7 billion pounds ($3.7 billion) in cash and assumed debt, valuing the London-listed ingredients group at 2.7 billion pounds. The deal could lead to job cuts as the combined group targets annual savings of about $130 million by 2030. The takeover follows a wave of foreign bids hitting UK firms and comes after Tate & Lyle warned on profits amid softer demand.