Tate & Lyle PLC confirmed that Ingredion Incorporated has made a conditional proposal for a possible cash offer to acquire all outstanding ordinary shares of the British food ingredients company.

Under the proposal, Tate & Lyle shareholders would receive up to 615 pence per share, consisting of 595 pence in cash consideration plus the right to receive permitted dividends. The dividend component includes a final dividend of up to 13 pence per share for the financial year ending March 31, 2026, and an interim dividend of up to 7 pence per share for the six months ending September 30, 2026.

Tate & Lyle stated the proposal follows several earlier approaches from Ingredion regarding a possible offer. The Board and Ingredion are currently in discussions about the proposal.

The company emphasized that no certainty exists that any offer will be made or regarding final terms of any potential offer. Under UK takeover regulations, Ingredion must announce either a firm intention to make an offer or declare it does not intend to make an offer by 5:00 pm on June 11, 2026.

Tate & Lyle noted the announcement was made without Ingredion's consent, following recent press speculation about the potential transaction. The permitted dividends would be paid subject to appropriate board and shareholder approvals according to the company's ordinary dividend payment schedule.

The information was disclosed in a statement based on the company's press release, with Victoria Barlow, Company Secretary, responsible for the announcement on behalf of Tate & Lyle.