31 March 2009 20:10 [Source: ICIS news]
HOUSTON (ICIS news)--US Rohm and Haas said on Tuesday that its shares would most likely cease trading after Wednesday’s market close, the deadline set by a judge for US major Dow Chemical to complete its $15.4bn (€11.7bn) acquisition of the company.
The two companies reached a settlement agreement on 9 March in which Dow agreed to pay $78/share for Rohm and Haas to complete the deal by Wednesday. Rohm and Haas had sued Dow in the Delaware Chancery Court after Dow missed a 27 January deadline to close the merger.
The settlement matched Dow’s initial offer, but the composition of the deal was restructured. Under the new agreement, Rohm and Haas’ two largest shareholders will buy $2.5bn in preferred equity to be issued by Dow.
Rohm and Haas traded at $78.88/share mid-day on the New York Stock Exchange, up 0.4%.
($1 = €0.76)
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