Eastman Chemical Company sells Genencor for $487 million

Client(s) Eastman Chemical Company

Jones Day advised Eastman Chemical Company in the sale of all of its Common and Preferred Stock of Genencor International, Inc. to Denmark's Danisco A/S for $487 million. Danisco and Eastman Chemical each owned approximately 42% of the outstanding shares of Common Stock and 50% of the outstanding shares of Preferred Stock of Genencor. Danisco and Genencor entered into a separate agreement under which Danisco  acquired the remaining, publicly traded Common Shares in Genencor through a cash tender offer at $19.25 per share. The closing of the stock purchase from Eastman Chemical and the closing of the tender offer occurred simultaneously.