US‑based Ingredion Inc. has tabled a conditional bid for British sweetener maker Tate & Lyle, proposing up to 615 pence per share—a 64% premium to the stock’s prior close. The offer values the company at as much as £2.74 billion, with an initial cash component of 595 pence per share and a possible extra 20 pence in dividends. Tate & Lyle’s shares jumped 43% to 535 pence in London trading, lifting its market cap to roughly £2.4 billion.

The proposal arrives amid a wave of UK listings being snapped up by foreign investors, following recent takeovers of Schroders by a US firm and Intertek’s pending sale to Swedish private‑equity group EQT. Tate & Lyle, the last survivor of the original FT‑30 index, has been grappling with soft demand in North America and supply‑chain disruptions, forecasting low‑single‑digit revenue and earnings declines for FY 2026. CEO Nick Hampton is reportedly preparing to step down.

Ingredion, headquartered in Westchester, Illinois, employs over 12,000 people across 120 countries and has grown its specialty‑ingredients portfolio through acquisitions. Advisors to Tate & Lyle include Goldman Sachs, Mizuho’s Greenhill, Citigroup and Bank of America. Ingredion must confirm a definitive offer by June 11, or walk away.