Tate & Lyle Plc’s board of directors has agreed to have the company acquired by Ingredion at a cost of about £3.7 billion ($5.0 billion).

Today’s (June 8) announcement was a quick conclusion to a process that just started on May 14, when it became public the American ingredient company was pursuing the British firm.

Under the terms of the agreement, Tate & Lyle shareholders will receive 595 pence (currently $7.93) per share in cash; plus a final dividend for the financial year ended March 31 of no greater than 13.2 pence per share; plus an interim dividend in relation to the six-month period ending Sept. 30 of this year of no greater than 6.8 pence per share.

“The cash consideration values the entire issued and to be issued share capital of Tate & Lyle at approximately £2.7 billion ($3.6 billion) on a fully diluted basis, with an implied enterprise value of £3.7 billion ($5.0 billion), and represents a premium of approximately 58.7% to the closing share price of Tate & Lyle Shares on 13 May 2026 (being the last business day prior to the start of the offer period).”

Each company has more than a century of history in the ingredients space and each claims expertise in sweetening, mouthfeel and fortification. They have complementary geographic supply networks across the Americas, Europe, the Middle East and Africa, and Asia Pacific.