Tate & Lyle stock spread stays wide following Ingredion deal as ex-div maths puts 7.7% gap in focus
Tate & Lyle PLC is set to return to trading next week, but traders will be watching it as a takeover play instead of a regular food-ingredients name. Shares finished Friday at 559p, leaving them 36p back from Ingredion Incorporated’s 595p all-cash offer, and 42.8p under the value an acquirer would get after the final dividend went ex-div. Arb funds are looking at a cleaner number of about 601.8p here: 595p cash, plus an interim dividend up to 6.8p if paid. The 13.2p final dividend comes July 31, but holders needed to be on the register by the June 19 record date, following the ex-div on June 18.