Elliott Associates LP, a hedge fund that says DuPont Co.’s 31.7 billion-krone ($6.2 billion) bid for Danisco A/S is too low, raised its stake the company to 4.9 percent, according to a person familiar with the situation.
Elliott is confident DuPont won’t get the necessary approval from investors holding at least 90 percent of Danisco’s shares before its tender offer expires April 29, according to the person, who declined to be identified because the information hasn’t been made public.
“We remain full and fair and firm on the offer,” Michael Hanretta, a DuPont spokesman, said today by telephone.
Danisco, a Danish food-ingredients maker, agreed in January to DuPont’s 665-kroner-a-share offer. Wilmington, Delaware-based DuPont’s Chief Financial Officer Nicholas Fanandakis said April 15 that he was “very confident” the deal would be completed at the current price this month.
New York-based Elliott said in a February letter it held 1.2 percent of shares and that the bid undervalues the company.
Elliott’s increased Danisco stake was reported earlier by the Financial Times.