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  "documentTitle": "Tate and Lyle | Mergers and Acquisitions Presentation Deck | 29 slides",
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      "text": "1 Excludes operations in Europe which represented 5% of Primary Products revenue in the year ended 31 March 2021\n2 Each of Tate & Lyle and KPS will hold a 50% interest in the NewCo group (rounded to the nearest whole number) but KPS will hold a majority of the voting rights in NewCo",
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      "text": "RE-POSITIONS TATE & LYLE AS A GROWTH-FOCUSED FOOD SOLUTIONS BUSINESS",
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      "text": "Headline enterprise value of ~US$1.7bn (~£1.2bn), equivalent to a multiple of 5.1x EBITDA for fiscal 2021; Tate & Lyle to receive gross cash proceeds of ~US$1.3bn (~£0.9bn) of which ~£0.5bn (~US$0.7bn) to be returned to shareholders via a special dividend following completion; Benefit from NewCo’s ability to pay cash dividends and potential value upside from retained equity stake",
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      "text": "Tate & Lyle to focus on its higher growth Food & Beverage Solutions (FBS) business; Intention to accelerate innovation through a step-up in R&D investment and solutions development; Opportunity to reallocate capital to faster growing FBS business to drive organic and inorganic growth",
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      "text": "Tate & Lyle and KPS Capital Partners (KPS) agree new partnership for Primary Products business (NewCo); Each partner to own 50% of NewCo with KPS having Board and operational control; Combined expertise of partners offers potential for NewCo to create future value as an independent business",
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