India, June 8 -- Shares of Tate & Lyle Plc were gaining around 14 percent on the London Stock Exchange after the British sweetener and food solutions firm announced Monday its agreement to a 595 pence per share all-cash deal to be bought by U.S. food ingredients maker Ingredion Inc. The cash consideration values Tate & Lyle at around 2.7 billion pounds or $3.6 billion, with an implied enterprise value of around 3.7 billion pounds or $5 billion.
The transaction is expected create a specialty ingredient solutions provider, and broaden Ingredion's specialty ingredients platform across texturants, sugar reduction, and fortification.
The deal is projected to be accretive to Ingredion's its adjusted earnings per share in the first year after co...