Corn Products International Notifies Bunge Ltd. of Intent to Change Recommendation of Merger Agreement With Bunge
November 05 2008 - 5:30AM
Business Wire
Corn Products International, Inc. (NYSE:CPO) today announced that
it notified Bunge Limited (NYSE:BG) on November 4, 2008 of its
Board of Directors� intent to withdraw its recommendation in favor
of adoption of the previously announced merger agreement with Bunge
and recommend against adoption of the merger agreement. Pursuant to
the merger agreement, which will remain in effect until terminated
in accordance with its terms, the Board of Directors of Corn
Products may withdraw or change its recommendation to adopt the
merger agreement following at least five days notice to Bunge. In
the event that Corn Products withdraws or changes its
recommendation of the merger, Bunge will have the right to require
that Corn Products hold a meeting of its stockholders to vote on
the adoption of the merger agreement or to terminate the merger
agreement and seek reimbursement from Corn Products for up to $10
million of Bunge�s expenses in connection with the merger.
Additional Information This news release is not a substitute for
the preliminary joint proxy statement/prospectus or any other
documents that Corn Products and Bunge have filed or will file with
the SEC in connection with the proposed merger. Investors and
securityholders are urged to carefully read the preliminary joint
proxy statement/prospectus and any other relevant documents filed
or to be filed by Corn Products or Bunge, including the definitive
joint proxy statement/prospectus when it becomes available, because
they contain or will contain important information. The preliminary
joint proxy statement/prospectus is, and other documents filed or
to be filed by Corn Products and Bunge with the SEC are or will be,
available free of charge at the SEC�s web site (www.sec.gov), from
Corn Products by directing a request to Corn Products
International, Inc., 5 Westbrook Corporate Center, Westchester,
Illinois 60154, Attention: Investor Relations, by accessing Bunge�s
website at www.bunge.com under the tab �About Bunge� and then under
the heading �Investor Information,� and from Bunge by directing a
request to Bunge Limited, 50 Main Street, White Plains, New York
10606, Attention: Investor Relations. Corn Products, Bunge and
their respective directors, executive officers and other employees
may be deemed to be participants in a solicitation of proxies from
the securityholders of Corn Products or Bunge in connection with
the proposed merger. Information about Corn Products� directors and
executive officers is available in Corn Products� proxy statement,
dated April 4, 2008, for its 2008 annual meeting of stockholders
and in Corn Products� most recent filing on Form 10-K. Information
about Bunge�s directors and executive officers is available in
Bunge�s proxy statement, dated April 16, 2008, for its 2008 annual
meeting of shareholders and in Bunge�s most recent filing on Form
10-K. Additional information about the interests of potential
participants is included in the preliminary joint proxy
statement/prospectus referred to above.
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