While the announcement by the Corn Products International Inc (CPO) board that it was no longer supporting the proposed acquisition by fertilizer and oil seed giant Bunge Ltd (BG) is a surprise, it can't be called a shocking decision.
With both companies plunging in stock price, especially Bunge (BG), and Corn Products International recently revising their guidance upwards, the deal doesn't look near as profitable for Corn Products' shareholders than when the original offer was made.
Under the terms of the proposed deal, Bunge retains a "force the vote" clause wherein they can bring the deal directly to the shareholders to vote on, no matter what the board says or does. Bunge said it won't be changing any of the terms of the deal.
The original offer was for $4.4 billion, but since then shares in bunge have declined by 63 percent, while Corn Products has fallen by 44 percent.
Most analysts think the chances of a merger are pretty slim at this time, and the major event to watch is if Corn Products hires a new CEO to replace departing CEO Sam Scott. If they do, the assumption is they're going to go on and operate as an independent company rather than proceed with the merger.
Bunge is still weighing its options as whether to continue pursuing it through forcing a vote or not.
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