Food-ingredient producers Ingredion Inc. and Centennial-based Penford Corp. have received requests from the U.S. Department of Justice for more information about their planned merger agreement, extending the waiting period for the deal.
The merger can’t take place until 30 days after both companies have resolved any concerns, the details of which were not disclosed in a regulatory filing.
In October, Ingredion agreed to buy Penford for about $240 million in an all-cash deal. Ingredion is a major supplier of sweeteners and starches for the food industry.
The merger was intended to combine the companies’ complementary product portfolios. Ingredion CEO Ilene Gordon specifically highlighted how the deal would expand the company’s capabilities into the manufacturing of specialty potato starches, while broadening its range of products to meet growing consumer demands for nutritious, environmentally friendly and gluten-free foods. Dow Jones Newswires
