Frutarom has acquired from Paulson, Enzymotec’s largest shareholder, approximately 9.2% of the ordinary shares of Enzymotec for $24.2 million, with a view to bidding for all the company's shares.
Frutarom has acquired from Paulson, Enzymotec’s largest shareholder, approximately 9.2% of the ordinary shares of Enzymotec for $24.2 million. Frutarom now holds 19% of Enzymotec. Frutarom says it intends as soon as possible to make a full and special tender offer for the acquisition of Enzymotec’s entire issued and outstanding shares which it does not currently own.Enzymotec develops, produces and markets bio-active ingredients based on lipids to the food additive, health, medical foods and baby formula industries. Frutarom says it believes that some of Enzymotec’s know-how, research & development and products are of interest and are relevant to Frutarom’s core businesses."We took another significant step in entering an investment in Enzymotec after acquiring 9.2% of Enzymotec’s shares, approximately half the stake held by Paulson, its largest shareholder, who also agreed to support a full tender offer for Enzymotec shares which we intend to make shortly and to sell under that framework their remaining 9.2% stake,” said Ori Yehudai, President and CEO of Frutarom. “We view the investment in Enzymotec as an important long-term strategic investment for Frutarom assuming we can bring about a significant change in Enzymotec’s business strategy and its implementation.”