Ingredion has confirmed it made a non-binding indicative all-cash offer for Tate & Lyle PLC at 595 pence per share, according to a company statement.

The proposed acquisition would allow Tate & Lyle to declare and pay two ordinary dividends: a final dividend for the financial year ended March 31, 2026, of up to 13 pence per share and an interim dividend for the six months to September 30, 2026, of up to 7 pence per share.

Ingredion stated it is engaged in discussions and due diligence with Tate & Lyle to explore a potential transaction. The company noted that discussions are ongoing and there is no certainty that a binding offer will be made.

Under takeover regulations, Ingredion reserves the right to make an offer on less favorable terms in three circumstances: with agreement from Tate & Lyle's board, if a third party announces a lower-value offer, or following announcement of a Rule 9 waiver transaction or reverse takeover by Tate & Lyle.

The company also reserves the right to introduce other forms of consideration or vary the composition of any offer. Ingredion may adjust the offer terms to account for any dividend or distribution announced by Tate & Lyle after this announcement, excluding the permitted dividends.

The information was disclosed in accordance with Rule 2.5 of the takeover code. Ingredion said it would make further announcements as appropriate.