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Dow Chemical to buy Rohm and Haas
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Rohm and Haas Company has entered into an agreement with The Dow
Chemical Company for the acquisition by Dow of all of the outstanding
shares of Rohm and Haas common stock for $78.00 per share in cash.
Taking into account the approximately 196 million shares held by Rohm
and Haas as of April 22nd 2008, the estimated transaction price is over
$15 billion.
Under the terms of the agreement, Rohm and Haas Company will continue to carry out business under its company name, retaining its Philadelphia headquarters, and will receive several of Dow Chemical’s specialty chemicals business segments.
Rohm and Haas’ expected annual revenue following the acquisition and the transfer of the business segments will be $13 billion, according to the company. The takeover has been approved by the Board of Directors of both Rohm and Haas and Dow Chemical, but awaits approval by the shareholders of Rohm and Haas.
Mr. John Haas, on behalf of the Haas family, made the following ststement: “I learned many years ago that there is no substitute for surrounding yourself with good and honest colleagues, and then trusting their wisdom and judgment. We support the agreement reached between Dow and Rohm and Haas; we are particularly proud the company name and Philadelphia location were deemed essential to the merits of this transaction. The value and opportunities this transaction will create are a tribute to its dedicated employees. I will always be available, if needed, to contribute to the success of this new enterprise.”
By Síle Mc Mahon