Ingredion (NYSE: INGR) mulls 595p all-cash bid for Tate & Lyle PLC
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Ingredion Incorporated has disclosed that it made a non-binding, indicative all-cash offer to acquire Tate & Lyle PLC at a price of 595 pence per Tate & Lyle share. The proposal is at an early stage and does not constitute a firm intention to make an offer.
Under the possible terms, Tate & Lyle would be allowed to pay a final dividend of up to 13 pence per share for the year ended 31 March 2026 and an interim dividend of up to 7 pence per share for the six months to 30 September 2026. Ingredion is conducting due diligence and engaging in discussions, and has until 5:00 pm (London time) on 11 June 2026 to announce a firm offer or state it does not intend to proceed, subject to any extension granted by the UK Takeover Panel.
Positive
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Negative
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Insights
Ingredion is exploring a sizeable, but still non-binding, cash acquisition of Tate & Lyle.
The disclosure centers on a 595 pence per-share possible cash offer for Tate & Lyle’s entire issued and to-be-issued share capital. The approach is explicitly non-binding and made under Rule 2.4 of the UK Takeover Code, so it does not commit Ingredion to complete a deal.
The terms contemplate two Tate & Lyle dividends totaling up to 20 pence per share, which would effectively sit alongside any final offer price. A formal “put up or shut up” deadline of 11 June 2026 sets the outer limit for Ingredion either to announce a firm offer under Rule 2.7 or to step back.
Actual impact will depend on due diligence, further negotiations with Tate & Lyle’s board, and any competing interest that may emerge before the PUSU deadline or an approved extension. Subsequent disclosures under the Takeover Code, including any firm intention announcement, would clarify transaction scale, funding, and strategic consequences.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Possible offer price: 595 pence per share
Permitted final dividend: 13 pence per share
Permitted interim dividend: 7 pence per share
+3 more
6 metrics
Possible offer price
595 pence per share
Non-binding indicative all-cash offer for each Tate & Lyle share
Permitted final dividend
13 pence per share
Final dividend for year ended 31 March 2026 allowed under Possible Offer
Permitted interim dividend
7 pence per share
Interim dividend for six months to 30 September 2026 allowed under Possible Offer
PUSU deadline time
5:00 pm (London time)
Deadline on 11 June 2026 to announce firm offer or not proceed
PUSU deadline date
11 June 2026
Rule 2.6(a) deadline under the UK Takeover Code
Permitted dividends total
20 pence per share
Combined maximum of final and interim dividends under Possible Offer
Key Terms
non-binding indicative all-cash offer, Permitted Dividends, PUSU deadline, Rule 2.4 of the City Code on Takeovers and Mergers, +2 more
6 terms
non-binding indicative all-cash offer financial
"Ingredion confirms it has made a non-binding indicative all-cash offer for Tate & Lyle"
Permitted Dividends financial
"an interim dividend ... of up to 7 pence per Tate & Lyle share (the “Permitted Dividends”)"
PUSU deadline regulatory
"until 5.00 pm (London Time) on 11 June 2026 (the “PUSU deadline”)"
Rule 2.4 of the City Code on Takeovers and Mergers regulatory
"THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS"
Opening Position Disclosure regulatory
"must make an Opening Position Disclosure following the commencement of the offer period"
Dealing Disclosure regulatory
"must make a Dealing Disclosure if the person deals in any relevant securities"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(708 ) 551-2600
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On May 14, 2026, Ingredion Incorporated (the “Company”) issued a statement regarding a non-binding all-cash offer by the Company for Tate & Lyle PLC. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates any of the information by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this report:
| Exhibit Number | Description | |||||||
99 | Press Release dated May 14, 2026 issued by Ingredion Incorporated | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). | |||||||
Forward-Looking Statements
This current report on Form 8-K contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements. Forward-looking statements include, among others, any statements regarding the possible cash offer by the Company, our prospects, future operations, or future financial condition, earnings, net sales, tax rates, capital expenditures, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct. Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 14, 2026 | Ingredion Incorporated | ||||||||||||||||||||||||||||
| By: | /s/ Tanya M. Jaeger de Foras | ||||||||||||||||||||||||||||
Tanya M. Jaeger de Foras Senior Vice President, Chief Legal Officer, Corporate Secretary and Chief Compliance Officer | |||||||||||||||||||||||||||||
Exhibit 99.1
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”) AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE
14 May 2026
Ingredion Incorporated (“Ingredion”)
Possible 595 pence all-cash offer for Tate & Lyle PLC
Ingredion notes the recent announcement by Tate & Lyle PLC (“Tate & Lyle”) regarding a possible offer for the entire issued and to be issued share capital of Tate & Lyle.
Ingredion confirms it has made a non-binding indicative all-cash offer for Tate & Lyle at a price of 595 pence per Tate & Lyle share (the “Possible Offer”).
Under the terms of the Possible Offer, Ingredion would agree that Tate & Lyle would be permitted to declare and pay two ordinary course dividends in the form of a final dividend for the financial year ended 31 March 2026 of up to 13 pence per Tate & Lyle share and an interim dividend for the six months to 30 September 2026 of up to 7 pence per Tate & Lyle share (the “Permitted Dividends”).
Ingredion believes a potential transaction would deliver significant benefits to customers, consumers, employees and Ingredion shareholders.
Ingredion is engaged in discussions and a period of due diligence with Tate & Lyle to further explore a potential transaction. Discussions are ongoing, and there can be no certainty that a binding offer will be made.
In accordance with Rule 2.5 of the Code, Ingredion reserves the right to make an offer for Tate & Lyle on less favorable terms than those set out in this announcement:
(1)with the agreement or recommendation of the Board of Tate & Lyle;
(2)if a third party announces an offer or possible offer for Tate & Lyle which, at that date, is of a value less than the Possible Offer; or
(3)following the announcement by Tate & Lyle of a Rule 9 waiver transaction pursuant to the Code or a reverse takeover (as defined in the Code).
Ingredion reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer.
Ingredion reserves the right to adjust the terms of the Possible Offer to take account of the value of any dividend or other distribution or return of value to Tate & Lyle shareholders which is announced, declared, made or paid by Tate & Lyle after the date of this announcement, other than the Permitted Dividends.
A further announcement will be made as and when appropriate.
In accordance with Rule 2.6(a) of the Code, Ingredion will have until 5.00 pm (London Time) on 11 June 2026 (the “PUSU deadline”) to either announce a firm intention to make an offer for Tate & Lyle in accordance with Rule 2.7 of the Code or announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
Exhibit 99.1
A copy of this announcement will be made available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on Ingredion's website at https://ir.ingredionincorporated.com/ promptly and in any event by no later than 12 noon (London time) on 15 May 2026. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Inquiries:
Ingredion
Noah Weiss
Investor Relations
Tel: +1 773 896 5242
Email: investor.relations@Ingredion.com
J.P. Morgan (Sole Financial Adviser to Ingredion) Tel: +44 203 493 8000
Tel: +1 212 270 6000
Anu Aiyengar / Dwayne Lysaght
Edouard Metrailler / Patrick Gallagher
Hogan Lovells International LLP are retained as legal advisers to Ingredion.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
J.P. Morgan Securities plc (“J.P. Morgan”), is authorized in the United Kingdom by the Prudential Regulation Authority (the “PRA”) and regulated by the PRA and the Financial Conduct Authority. J.P. Morgan is acting as financial adviser exclusively for Ingredion and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Ingredion for providing the protections afforded to clients of J.P. Morgan or its affiliates, or for providing advice in relation to any matter referred to herein.
Rule 2.4 information
In accordance with Rule 2.4(c)(iii) of the Code, Ingredion confirms that it is not aware of any dealings in Tate & Lyle shares that would require Ingredion, if it were to make an offer, to offer a minimum level, or a particular form, of consideration under Rule 6 or Rule 11 of the Code (as appropriate). However, it has not been practicable for Ingredion to make inquiries of all persons presumed to be acting in concert with it prior to this announcement in order to confirm whether any details are required to be disclosed under Rule 2.4(c)(iii). To the extent that any such details are identified following such inquiries, Ingredion will make an announcement disclosing such details as soon as practicable, and in any event by no later than the time it is required to make its Opening Position Disclosure under Rule 8.1 of the Code.
Exhibit 99.1
Disclosure requirements of the Takeover Code (the “Code”)
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
FAQ
What did Ingredion (INGR) announce regarding Tate & Lyle PLC?
Ingredion announced it has made a non-binding, indicative all-cash offer to acquire Tate & Lyle PLC. The possible offer covers the entire issued and to be issued share capital of Tate & Lyle and is made under Rule 2.4 of the UK Takeover Code.
What is the proposed offer price in Ingredion’s possible bid for Tate & Lyle?
Ingredion’s possible offer values each Tate & Lyle share at 595 pence in cash. This price applies to the entire issued and to be issued share capital, subject to ongoing due diligence, negotiations, and any adjustments allowed under the Takeover Code framework.
Is Ingredion’s 595p proposal for Tate & Lyle a firm offer?
No, the 595 pence per-share proposal is explicitly described as a non-binding indicative Possible Offer. It does not constitute a firm intention to make an offer under Rule 2.7 of the Takeover Code, and there is no certainty that a binding offer will follow.
What is the deadline for Ingredion to decide on a firm offer for Tate & Lyle?
Ingredion has until 5:00 pm (London time) on 11 June 2026 to announce a firm intention to make an offer or state it does not intend to do so. This "put up or shut up" deadline can be extended with consent from the UK Takeover Panel.
Can Ingredion change the terms of its Possible Offer for Tate & Lyle?
Yes, Ingredion reserves rights to make an offer on less favorable terms in specific circumstances, such as with Tate & Lyle board agreement or in response to a lower competing proposal. It may also alter the form or mix of consideration, subject to the Takeover Code.