British institution Tate & Lyle has sold itself to its US rival Ingredion for a sweet £2.7billion deal, making it the latest UK-listed company to fall into foreign hands.
It will see the FTSE 250 ingredients firm, founded by the merger of two family-owned sugar business in Liverpool in 1921, leave the London stock market.
Tate & Lyle said on Monday morning the agreed deal gives shareholders 595p a share, plus dividends of 20p a share.
The companies announced two weeks ago that they were in talks about the takeover, which sent Tate & Lyle shares soaring by over 45 per cent.
A transaction at 615p a share represents a 64 per cent premium to Tate & Lyle’s shares before Ingredion made its interest public.
