Dow, Rohm & Haas Seal Deal

The Dow Chemical Co. and Rohm and Haas Co. have reached an agreement to close Dow’s previously announced acquisition of Rohm and Haas on April 1.

The agreement resolves the litigation initiated by Rohm and Haas against Dow on Jan. 26 with a resolution that is beneficial for each party.

In the revised deal, the two biggest shareholders of Rohm and Haas will buy $2.5 billion of Dow Chemical’s perpetual preferred equity and the Haas Family Trusts will invest another $500 million at Dow’s option. The investment from Rohm & Haas will substantially reduce the burden on Dow Chemical to finance the deal.

“The restructuring of the terms of the transaction allows Dow to maintain financial flexibility as we proceed to implement our strategy in a way that realizes the original promise of this acquisition,” says Andrew N. Liveris, Dow chairman and CEO.

“By reaching agreement on the terms for this transaction, we have delivered excellent value to Rohm and Haas shareholders,” says Raj L. Gupta, Rohm and Haas chairman and CEO.

The settlement came hours before a deadline set by a Delaware judge in a suit brought against Dow Chemical by Rohm and Haas for failing to complete the transaction in January. Dow Chemical had put the deal on hold in January following the financial crisis and the economic downturn, saying now wasn’t the time to swallow such a large acquisition.

(Sources: Business Wire, MarketWatch)

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