Enzymotec Advises Shareholders To Defer Decision On Frutarom's Proposal

(RTTNews) - Enzymotec Ltd. (ENZY) responded to the unsolicited proposal from Frutarom Ltd. to acquire the company for $11.50 per share by sending a letter to Frutarom CEO, Ori Yehudai. The company said its Board has the responsibility to evaluate Frutarom's interest in Enzymotec and intends to exercise the responsibilities in a way that maximizes value for the company's shareholders and monitors any legal compliance failures in Frutarom's conduct.

"In the event that Frutarom does commence its tender offer, we will evaluate the offer and will respond accordingly at that time," the company said.

However, Enzymotec advised its shareholders that they should not take any action at the current time in response to Frutarom's proposal and, even if a tender offer is launched, they should defer making a determination whether to accept or reject such tender offer until Enzymotec's Board discloses its position with respect to the tender offer.

"The Board was disappointed to learn, from your public announcements, of Frutarom's opportunistic intent to launch an offer for the shares of Enzymotec at a price of $11.50 per share. These announcements were not accompanied by any attempt to engage in a conversation or communication with the company or its management," Enzymotec stated in the letter.