London, June 19, 2026, 16:09 BST
- Tate & Lyle was steady near 552p late in the session, with the FTSE 250 off roughly 0.8%.
- The stock is still trading 43p, or 7.2%, under Ingredion’s 595p-per-share cash bid. The deal is set to close in the second half of 2027.
- Tate & Lyle shares went ex-dividend for 13.2p on June 18. Holders on the record date, June 19, are due to get paid July 31.
Tate & Lyle traded near 552p in late London hours on Friday, steady compared to Thursday’s finish and ahead of the broader mid-cap market. The FTSE 250 slipped about 0.7% as risk appetite cooled following the canceled U.S.-Iran talks.
The key figure is the 43p gap between Ingredion’s 595p cash bid and the current price. The spread is 7.2%, showing investors still want compensation for timing and completion risk, even with both boards supporting the deal.
Some of the recent move in the share price is just down to mechanics. Tate & Lyle traded ex-dividend on Thursday, dropping 13.2p as new buyers won’t get the final payout. For anyone buying in now, what’s on the table is 595p cash and maybe a 6.8p interim dividend, not the full 615p figure.
Ingredion plans to go ahead with a scheme of arrangement, a UK takeover process involving the courts. The deal still needs Tate & Lyle shareholders to sign off, approval from the High Court, and antitrust sign-offs. Huber Equity is backing the deal with 75 million shares, or 16.8%. Ingredion CEO Jim Zallie said the deal would “help create the future of food”. Tate chair David Hearn called it an “attractive opportunity for shareholders to crystalise value in cash”. Ingredion Incorporated
Jefferies filed a standard Form 8.3 on Friday. The filing, covering positions as of June 18, is routine for investors with holdings above Takeover Code rules. No new twist in the bid.
Tate & Lyle’s offer came after a tough year on the numbers. Adjusted EBITDA dropped 3% to £415 million, while adjusted pretax profit slipped 5% to £238 million. CEO Nick Hampton called the results “disappointing” and said the company was moving “with urgency” to get revenue growth back on track. Wall Street Journal
The spread could grow. Morningstar equity analyst Diana Radu said the starches and sweeteners overlap “may attract regulatory scrutiny” and could force divestitures. If the review drags on, the companies face expensive fixes or even a failed shareholder vote, leaving shares open to sluggish ingredient demand and softer standalone earnings. Morningstar
Next up for the firm is the scheme document, expected within 28 days of the June 8 announcement unless the Takeover Panel allows more time. That will lay out meeting notices and set out the planned schedule for the deal. Until the document lands, shares are set to trade mostly off the deal spread, dividend status and any regulatory signals, not on moves in the food-ingredient market.
