One of UK's oldest listed cos Tate & Lyle accepts $3.6 billion bid from Ingredion

Ingredion agreed to buy Tate & Lyle for 2.7 billion ($3.6 billion), in a move that marks the end of the UK company's near-century on the London Stock Exchange. The US company is offering 595 pence in cash for each Tate & Lyle share, and investors will be entitled to receive up to 20 pence per share in dividends, according to a statement on Monday. The price represents a nearly 60% premium to Tate & Lyle shares before news of the potential offer was revealed. Shares of Tate & Lyle surged 14% to 560 pence in London on Monday, the most since May 14 when Bloomberg reported the company was working with advisers after receiving takeover approach. Stock is trading below offer price, indicating potential concerns about execution risk. Tate & Lyle is one of the oldest listed companies in the UK, starting off as a sugar refiner in the late 1800s.