International Flavors&Fragranc Stock Price, News & Analysis

DuPont announced the final results of its exchange offer related to the merger with International Flavors & Fragrances Inc. (IFF). A total of 368,655,051 shares were tendered, with a proration factor of 52.53%. Holders of 197,410,113 shares, approximately 27% of DuPont's outstanding shares, exchanged their stock for N&B common stock at an exchange ratio of 0.7180, resulting in receiving IFF shares post-merger. The transaction was supported by Goldman Sachs, J.P. Morgan, and Evercore as financial advisors.

IFF (NYSE: IFF) has unveiled a new brand identity following its merger with DuPont's Nutrition & Biosciences division, aimed at enhancing its role in the consumer goods and commercial products value chain. The new tagline, Where science and creativity meet, reflects IFF's commitment to innovation and customer-centric solutions. Key elements include a core vision of being an essential solutions partner and three commitments: Question Everything, Champion Creators, and Do More Good. The company seeks to drive sustainability and foster a strong execution culture.

IFF has successfully completed the merger with DuPont's Nutrition & Biosciences (N&B) business through a Reverse Morris Trust transaction. The new company will operate under the IFF name, with pro forma revenue exceeding $11 billion and EBITDA at approximately $2.5 billion. DuPont shareholders will own 55.4% of the combined entity, while IFF shareholders will hold 44.6%. This merger aims to create a global leader in high-value ingredients across various markets, enhancing IFF's capabilities to deliver innovative solutions tailored to increasing consumer demand for healthier products.

DuPont has announced a final exchange ratio of 0.7180 shares of Nutrition & Biosciences, Inc. (N&B) for each share of DuPont common stock tendered in its exchange offer. This offer relates to DuPont's Reverse Morris Trust transaction with International Flavors & Fragrances Inc. (IFF). If fully subscribed, DuPont expects to exchange approximately 197.4 million shares. The exchange offer expires at 11:59 PM on January 29, 2021. N&B will merge with IFF, converting each N&B share into one share of IFF stock, affecting DuPont shareholders who tender their shares.

In its latest announcement, IFF (NYSE:IFF) revealed preliminary financial results for the fourth quarter and full year ended December 31, 2020. Expected net sales for Q4 2020 are around $1,270 million, slightly down from $1,284 million in Q4 2019, while full-year sales are projected at $5,084 million. Operating profit for Q4 is anticipated to be $100 million, with an adjusted operating profit of approximately $203 million. IFF attributes its performance to its diverse portfolio and resilience during the pandemic. The company is set to complete its merger with DuPont Nutrition & Biosciences shortly, with strong value creation anticipated.

On December 31, 2020, DuPont commenced an exchange offer for stockholders to tender shares for Nutrition & Biosciences (N&B) stock. This action is part of a Reverse Morris Trust transaction with International Flavors & Fragrances (IFF). For Q4 2020, DuPont expects GAAP EPS between $0.35 and $0.37 on net sales of approximately $5.25 billion. Full year 2020 anticipates a GAAP loss per share of $(3.97) to $(3.95) on approximately $20.40 billion in sales. The final financial results will be announced on February 9, 2021.

IFF has provided a preview of its long-term outlook, confirming three-year financial targets and expected synergies from its merger with DuPont's Nutrition & Biosciences. The company aims to achieve $400 million in revenue synergies and $300 million in cost synergies by the end of 2023. IFF anticipates organic sales growth of 4-5% and an adjusted EBITDA margin of approximately 26% by 2023. The Board of Directors for the new IFF includes seven current members and six from DuPont, enhancing leadership strength.

DuPont announced a split-off exchange offer allowing stockholders to exchange shares of DuPont for shares of Nutrition & Biosciences (N&B) at a 7% discount. This is part of a Reverse Morris Trust transaction with International Flavors & Fragrances (IFF). Stockholders can choose to tender some, all, or none of their shares, expecting to receive approximately $107.53 of N&B stock for every $100 of DuPont stock. The exchange offer runs until January 29, 2021, and the shares of N&B will convert to IFF shares post-merger, with a pro rata distribution planned if the offer is undersubscribed.

IFF (NYSE:IFF) has achieved the prestigious EcoVadis platinum sustainability rating for 2020, placing it among the top 1% of companies evaluated. With an overall score of 73%, IFF excelled particularly in Environment and Sustainable Procurement. The company has maintained a top performance status since 2014. Additionally, IFF was recognized in the Dow Jones Sustainability Indices and named one of America’s Most Responsible Companies for 2021. Furthermore, IFF secured a place on CDP’s ‘A List’ for water security for the third consecutive year, highlighting its commitment to corporate environmental transparency.