ChemChina extends tender offer, secures loan for SyngentaChemChina extends tender offer, secures loan for Syngenta
Company continues to expect transaction to conclude by year-end.
September 7, 2016
China National Chemical Corp. (ChemChina) this week extended the tender offers to purchase all publicly held registered shares of Syngenta and all outstanding American depositary shares representing common shares until Nov. 8, unless further extended.
When the last extension was filed, ChemChina said extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals. All of the other terms and conditions of the tender offers remain unchanged, and the company continues to expect that the transaction will be completed by the end of the year.
ChemChina announced Feb. 3 its agreement with Syngenta to acquire Syngenta, but it has filed a series of extensions, the last one having been announced on July 11, 2016. The Swiss offer was previously scheduled to expire at 4:00 p.m. (CEST) on Sept. 13, 2016, and the U.S. offer was previously scheduled to expire at 10:00 a.m. (Eastern) on Sept. 13, 2016. ChemChina has extended the Swiss offer until 4:00 p.m. (CET) on Nov. 8, 2016, and extended the U.S. offer until 10:00 a.m. (Eastern) on Nov. 8, 2016, in each case, unless further extended. As of 5:00 p.m. (Eastern) on Sept. 2, 2016, approximately 17,893,195 common shares had been validly tendered in, and not withdrawn from, the offers.
Bloomberg also reported this week that sources confirmed that ChemChina has secured commitments from 17 lenders on a $12.7 billion loan for its purchase of Syngenta.
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