UPDATE 1-Britain's Tate & Lyle in discussions with US rival Ingredion for $3.7 billion takeover bid

Ingredion Incorporated

Ingredion Incorporated

INGR

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May 14 (Reuters) - Britain's Tate & Lyle TATE.L on Thursday said it was in discussions with U.S. rival Ingredion INGR.N over a possible takeover of the food ingredients maker, valuing it at 2.74 billion pounds ($3.70 billion), after receiving multiple approaches.

Under the proposal, Tate & Lyle shareholders would receive up to 615 pence per share - comprising 595 pence in cash and up to 20 pence in dividends - a 64% premium to its closing price of May 13.

The company said the proposal followed "a number of earlier approaches" from Ingredion, though there is no certainty a firm offer will be made.

($1 = 0.7399 pounds)


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