0000910662-05-000063.txt : 20120705 0000910662-05-000063.hdr.sgml : 20120704 20050127141100 ACCESSION NUMBER: 0000910662-05-000063 CONFORMED SUBMISSION TYPE: SC TO-C PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20050127 DATE AS OF CHANGE: 20050127 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GENENCOR INTERNATIONAL INC CENTRAL INDEX KEY: 0001113099 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 161362385 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-C SEC ACT: 1934 Act SEC FILE NUMBER: 005-60739 FILM NUMBER: 05553271 BUSINESS ADDRESS: STREET 1: 925 PAGE MILL ROAD CITY: PALO ALTO STATE: CA ZIP: 94304 MAIL ADDRESS: STREET 1: 925 PAGE MILL ROAD CITY: PALO ALTO STATE: CA ZIP: 94304 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DANISCO A/S /FI CENTRAL INDEX KEY: 0000879329 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 000000000 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: SC TO-C BUSINESS ADDRESS: STREET 1: LANGEBROGADE 1 DK-1001 STREET 2: COPENHAGEN K CITY: DENMARK STATE: G7 MAIL ADDRESS: STREET 1: LANGEBRODADE 1 DK-1001 STREET 2: COPENHAGEN K CITY: DENMARK SC TO-C 1 sctojan27.txt --------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE TO Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934 (Amendment No. ) GENENCOR INTERNATIONAL, INC. (Name of Subject Company (issuer)) DANISCO A/S (Name of Filing Person)(offeror) Common Stock, par value $0.01 per Share (Title of Class of Securities) 368709101 (CUISIP Number of Class of Securities) Andris Vizbaras, Esq. Carter Ledyard & Milburn LLP 2 Wall Street New York, New York 10005 (212) 732-3200 (Name, address, and telephone numbers of persons authorized to receive notices and communications on behalf of filing persons) Calculation of Filing Fee ------------------------------------------------------------------ Transaction valuation* Amount of filing fee ------------------------------------------------------------------ N/A N/A ------------------------------------------------------------------ * Set forth the amount on which the filing fee is calculated and state how it was determined. [ ] Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. Amount Previously Paid:______________________ Form or Registration No.:______________________ Filing Party:_________________________________ Date Filed:__________________________________ [X] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates: [X] third party tender offer subject to Rule 14d-1. [ ] issuer tender offer subject to Rule 13e-4. [X] going-private transaction subject to Rule 13e-3. [ ] amendment to Schedule 13D under Rule 13d-2. Check the following box if the filing is a final amendment reporting the results of the tender offer: [ ] 2 Item 12. Exhibits. Exhibit 99.1 Text of joint press release issued by Danisco A/S and Genencor International, Inc. on January 27, 2004. Exhibit 99.2 Text of news release posted by Danisco A/S on its website and issued to the Copenhagen Stock Exchange. 3 EX-99.1 2 ex99_1.txt EXHIBIT 99.1 FOR IMMEDIATE RELEASE For Danisco: Investor Relations, Michael von Bulow, tel.: +45 3266 2912. Media Relations, Nathalie Weber, tel.: +45 3266 2913 For Genencor: Investor Relations, Tom Rathjen, tel: +1-650-846-7500 Media Relations, Jack Huttner tel: +1-585-256-5200 DANISCO TO ACQUIRE GENENCOR COPENHAGEN, Denmark and PALO ALTO, California, January 27, 2005 - Danisco A/S (Copenhagen Stock Exchange) ("Danisco"), one of the world's largest producers of food ingredients, and Genencor International, Inc. (Nasdaq: GCOR) ("Genencor"), a diversified biotechnology company that develops and delivers innovative products and services into the health care, agri-processing, industrial and consumer markets, today jointly announced that they have signed a definitive agreement for Danisco to acquire all of the outstanding shares of common stock of Genencor, other than those held by Danisco, Eastman Chemical Company ("Eastman") or their respective subsidiaries, for $19.25 per share in cash. In connection with the definitive agreement with Genencor, Danisco has entered into a definitive stock purchase agreement with Eastman under which Danisco will acquire all of the outstanding shares of common stock of Genencor held by Eastman for $15 per share in cash and all of the outstanding shares of preferred stock of Genencor held by Eastman for $44 million in cash. Danisco and Eastman currently each own approximately 42% of Genencor's outstanding shares of common stock and 50% of Genencor's outstanding shares of preferred stock. "Being an advanced and recognised biotechnology company, Genencor will expand Danisco's knowledge base significantly and broaden our access to an important new business area, industrial enzymes," said Alf Duch-Pedersen, Chief Executive Officer of Danisco. "Our two companies know each other well and the synergy is obvious," said JJ Bienaime, Chairman and Chief Executive Officer of Genencor. "Together, we will have the depth and the reach to achieve the vision we've had for our business." The acquisition of the shares of Genencor's common stock for $19.25 per share will be effected by means of a cash tender offer for all of the outstanding shares of common stock of Genencor, other than those held by Danisco and its subsidiaries, followed by a merger in which all Genencor stockholders, other than Danisco and its subsidiaries, who have not tendered their shares will receive the same per share price. The acquisition agreement is subject to certain conditions, including the tender of a majority of the outstanding shares of common stock of Genencor other than those held by Danisco, Eastman, the officers and directors of Genencor and its subsidiaries and the respective affiliates of each of the foregoing, receipt of regulatory approvals and other conditions. Subject to those conditions, Danisco and Genencor currently expect the acquisition to be completed by May 31, 2005. A special committee comprised of independent directors of Genencor has reviewed the transaction on behalf of the Genencor stockholders unaffiliated with Danisco and Eastman. Upon the recommendation of the special committee, the board of directors of Genencor has approved the acquisition agreement and the transaction. About Danisco Danisco develops and produces food ingredients, sweeteners and sugar. The group employs around 9,000 people in some 40 countries and reported net sales of DKK 16.4 billion (USD 2.9 billion) in 2003/04. Danisco's broad product portfolio includes emulsifiers, stabilisers, cultures, flavours and sweeteners such as xylitol and fructose. The majority of these ingredients are produced from natural raw materials and contribute, for instance, to improving the texture in bread, ice cream, yoghurt and other products. Danisco is also one of the largest and most efficient sugar producers in Europe. About Genencor Genencor International is a diversified biotechnology company that develops and delivers innovative products and services into the health care, agri-processing, industrial and consumer markets. Using an integrated set of technology platforms, Genencor's products deliver innovative and sustainable solutions to improve the quality of life. Genencor traces its history to 1982 and has grown to become a leading biotechnology company. Genencor has principal offices in Palo Alto, California; Rochester, New York; and Leiden, The Netherlands. Notice to Read Tender Offer Materials The description contained herein is neither an offer to purchase nor a solicitation of an offer to sell shares of Genencor. At the time the tender offer is commenced, an indirect wholly-owned subsidiary of Danisco ( "Danisco's acquisition subsidiary") and Danisco intend to file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission containing an offer to purchase, forms of letters of transmittal and other documents relating to the transaction and Genencor intends to file a Solicitation/Recommendation Statement on Schedule 14D-9 relating to the transaction with the Securities and Exchange Commission. Danisco's acquisition subsidiary, Danisco and Genencor intend to mail these documents to the stockholders of Genencor. Genencor and Danisco also intend to file a Transaction Statement on Schedule 13E-3 with the Securities and Exchange Commission relating to the transaction. These documents will contain important information about the transaction and stockholders of Genencor are urged read them carefully when they become available. Stockholders of Genencor will be able to obtain a free copy of these documents (when they become available) at the website maintained by the Securities and Exchange Commission at www.sec.gov. In addition, stockholders will be able to obtain a free copy of these documents (when they become available) from Danisco by contacting Danisco at: Langebrogade 1, P.O. Box 17, DK-1001 Copenhagen K, Denmark, attention: Investor Relations, or from Genencor by contacting Genencor at: 925 Page Mill Road, Palo Alto, CA 94304, attention: Investor Relations. ### EX-99.2 3 ex99_2.txt EXHIBIT 99.2 EXECUTIVE BOARD Notice no. 02/2005 27 January 2005 Danisco to acquire Genencor Danisco, one of the world's largest producers of food ingredients, and Genencor International, Inc. (Nasdaq: GCOR) ("Genencor"), a diversified biotechnology company that develops and delivers innovative products and services into the health care, agri-processing, industrial and consumer markets, today jointly announced that they have signed a definitive agreement for Danisco to acquire all of the outstanding shares of common stock of Genencor, other than those held by Danisco, Eastman Chemical Company ("Eastman") or their respective subsidiaries, for USD 19.25 per share in cash. In connection with the definitive agreement with Genencor, Danisco has entered into a definitive stock purchase agreement Eastman under which Danisco will acquire all of the outstanding shares of common stock of Genencor held by Eastman for USD15 per share in cash and all of the outstanding shares of preferred stock of Genencor held by Eastman for USD 44 million in cash, subject to adjustment in certain instances. Danisco and Eastman currently each own approximately 42% of Genencor's outstanding shares of common stock and 50% of Genencor's outstanding shares of preferred stock. Transaction facts: o Danisco will acquire the shares in Genencor held by Eastman. Total acquisition price amounts to DKK 2,413 million (USD 419 million) including preferred shares. o Danisco will commence a tender offer of USD 19.25 per share to the other shareholders in Genencor. A special committee of independent directors of Genencor has reviewed the tender offer transaction on behalf of the Genencor stockholders unaffiliated with Danisco and Eastman. Upon the recommendation of the special committee, the board of directors of Genencor has approved the acquisition agreement and the transaction. o Completion is expected no later than May 31 2005 following completion of the tender offer. o Following completion, Genencor will be a wholly-owned subsidiary of Danisco. o The final transaction is conditional on acquiring a majority of the shares held by public shareholders. o Danisco has obtained financing for the acquisition through its existing bank relations. Strategic rationale: o Genencor's intensive focus on research and development and world-class capabilities in enzyme discovery, optimisation and production will fill Danisco's gaps in the enzyme value chain. Combined with Danisco's capabilities in enzyme application and development for food 1 and feed along with our strong global platform for selling and servicing these two industries, this will give a significant competitive edge for the Danisco divisions dealing with food and feed enzymes. o An acquisition will position Danisco as a major player in a new profitable business area, industrial enzymes. Furthermore, it will add new exciting technology developments within bio-ingredients in new industries such as personal care. o Through this new business area, Danisco will be able to service the same customers in more ways, in particular large multinationals with household personal care and food product portfolios. Further information will follow when the deal has been finalised. Comments from management Danisco CEO Alf Duch-Pedersen said: 'Our acquisition of Genencor will enhance Danisco's strong capabilities in enzymes for food and feed. Being an advanced and recognised biotech business, Genencor will expand our knowledge base significantly and broaden our access to a new important business area, industrial enzymes.' 'Our two companies know each other well and the synergy is obvious,' said Jean-Jacques Bienaime, Chairman and CEO of Genencor. 'Now, we will have the depth and the reach to achieve the vision we've had for our business.' The history of Genencor and Danisco Danisco's interest in enzymes, including industrial enzymes, dates back more than 35 years. When Danisco acquired Cultor in 1999, this interest in industrial enzymes was renewed, but neither Danisco nor Eastman was able to agree on a valuation whereby one could buy out the other. At that time, Danisco had entered into a strategic process and decided to focus on its world-class positions within food ingredients and sugar and as a consequence divest its activities outside of these business areas. Danisco believes that food ingredients will be a substantial growth driver, with the goal of doubling the business through organic growth and acquisitions. About Genencor Genencor International is a diversified biotechnology company that develops and delivers innovative products and services into the health care, agri-processing, industrial and consumer markets. Using an integrated set of technology platforms, Genencor's products deliver innovative and sustainable solutions to improve the quality of life. Genencor traces its history to 1982 and has grown to become a leading biotechnology company with over USD 380 million in 2003 annual revenues. Genencor has principal offices in Palo Alto, California; Rochester, New York and Leiden, the Netherlands. About The Tender Offer Danisco expects to commence the tender offer as soon as practicable. Once the tender offer is commenced, offering materials will be mailed to Genencor shareholders and Danisco will file all necessary information with the United States Securities and Exchange Commission. Genencor shareholders and other interested parties are urged to read Danisco's tender offer statement and other relevant documents filed with the SEC when they become available because they will contain important information. Genencor shareholders will be able to receive such documents free of charge at the SEC's web site, www.sec.gov, or from Danisco by using the 'Investor Relations' contact information below. 2 Danisco will be holding a conference call today for investors and analysts at 3.30 pm CET. The dial in number is +353 1 439 0433 and 70 25 23 00 for Danish participants. You can follow the webcast via www.danisco.com. There is a press conference today at 5 pm at Danisco headquarters at Langebrogade, Copenhagen. For further information, please visit: www.genencor.com www.danisco.com www.eastman.com Yours faithfully Alf Duch-Pedersen CEO For further information, please contact: Investor Relations, tel.: +45 3266 2912, investor@Danisco.com Media Relations tel.: +45 3266 2913, info@Danisco.com Danisco develops and produces food ingredients, sweeteners and sugar. The group employs approx. 9,000 people in some 40 countries and reported net sales of DKK 16.4 billion in 2003/04. Danisco's broad product portfolio includes emulsifiers, stabilisers, cultures, flavours and sweeteners such as xylitol and fructose. The majority of these ingredients are produced from natural raw materials and contribute, for instance, to improving the texture in bread, ice cream, yoghurt and other products. Danisco is also one of the largest and most efficient sugar producers in Europe. 3