INTERNATIONAL FLAVORS & FRAGRANCES COMPLETES TENDER OFFER FOR ALL OF THE
OUTSTANDING SHARES OF BUSH BOAKE ALLEN COMMON STOCK
New York, New York, November 6, 2000 - International Flavors &
Fragrances Inc. (NYSE: IFF) and Bush Boake Allen Inc. (NYSE: BOA) today
announced the successful completion of the cash tender offer for all outstanding
shares of common stock of Bush Boake Allen. The tender offer, which commenced on
October 6, 2000, expired at 12:00 midnight New York City time on Friday,
November 3, 2000.
IFF has been advised by The Bank of New York, the Depositary for the
tender offer, that a total of at least 18,833,316 shares of Bush Boake Allen
common stock had been validly tendered and not withdrawn prior to the expiration
of the offer. The number of shares tendered and not withdrawn represents at
least 97% of the outstanding shares of Bush Boake Allen. All such shares have
been accepted for purchase in accordance with the terms of the offer and payment
for these shares will be made promptly.
IFF intends to complete the acquisition of Bush Boake Allen through a
merger in which all shares of common stock not validly tendered in the tender
offer will be converted into the right to receive $48.50 per share in cash.
Payment of such amount will be made following the merger upon proper
presentation of certificates formerly representing shares to The Bank of New
York, Paying Agent for the merger, together with a properly completed letter of
transmittal. Transmittal materials will be sent to stockholders following the
merger.
IFF is the world's leading creator and manufacturer of flavors and
fragrances used by others to impart or improve flavor or fragrance in a wide
variety of consumer products. IFF has sales, manufacturing and creative
facilities in more than 35 countries worldwide with sales of $1.44 billion in
1999.
Bush Boake Allen, which conducts operations on six continents, has 60
locations in 38 countries worldwide. Bush Boake Allen supplies flavors and
fragrances to the world's leading consumer products companies for use in foods,
beverages, soaps and detergents, cosmetics, toiletries, personal care items and
related products. Its aroma chemicals, natural extracts and essential oils serve
as raw materials for a wide range of compounded flavors and fragrances. Bush
Boake Allen had 1999 worldwide sales of $499 million.
