THE WHAT? TRC has amended its tender offer for International Flavors & Fragrances due to current financial market conditions, decreasing the offer price payable of up to 1,500,000 common shares to US$81.60 per share from US$89.55 per share.
THE DETAILS The company also stated that its offer would expire on 4th April 2023, unless it was further extended.
THE WHY? The devaluation of shares comes amidst current chaos in the financial markets, as shares in banks crash and Credit Suisse being on the verge of near-collapse, with analysts fearing an impending credit crunch akin to 2008.