Following recent press speculation, the Board ofc (the “Board”) confirmed that Ingredion Incorporated (“Ingredion”) has made a conditional proposal regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Tate & Lyle (the “Proposal”).
Under the Proposal, Tate & Lyle shareholders will receive value of up to 615 pence for each Tate & Lyle share through a combination of 595 pence in cash consideration per Tate & Lyle share and the right to receive a final dividend for the financial year ended 31 March 2026 of up to 13 pence per Tate & Lyle share and an interim dividend for the six months to 30 September 2026 of up to 7 pence per Tate & Lyle share (the “Permitted Dividends”).
The Permitted Dividends will be paid by Tate & Lyle to its shareholders subject to the receipt of the appropriate Board and shareholder approvals and in line with its ordinary course timetable of paying final and interim dividends.
The Proposal followed a number of earlier approaches from Ingredion to the Board regarding a possible offer for Tate & Lyle. The Board and Ingredion are in discussions regarding the Proposal.
There can be no certainty that any offer will be made, nor as to the final terms on which any offer might be made. A further announcement will be made when appropriate.
Under Rule 2.6(a) of the Code, Ingredion is required, by not later than 5.00 pm on 11 June 2026, to either announce a firm intention to make an offer for Tate & Lyle in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
This announcement is being made without the consent of Ingredion. The person responsible for releasing this announcement on behalf of Tate & Lyle is Victoria Barlow, Company Secretary.
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