Dow Chemical puts merger with Rohm & Haas on hold; deadline was set for Tuesday

By Lisa Kerner

Charlotte, N.C., Jan. 26 - Dow Chemical Co. said it will not complete its acquisition of Rohm & Haas Co. by Jan. 27 as required under the terms of the companies' merger agreement.

Market conditions and the failure of Petrochemicals Industries Co. of Kuwait to complete the K-Dow joint venture are to blame, Dow Chemical said.

It was previously reported that Dow Chemical, a diversified chemical company based in Midland, Mich., agreed in July to acquire Rohm & Haas for $78 per share in cash, or approximately $15.2 billion.

All required approvals to close the transaction have been obtained. Rohm & Haas shareholders approved the transaction in October.

Dow Chemical said it has been aggressively seeking ways in which to complete the Rohm & Haas transaction.

"Our long term strategy remains unchanged and the proposed acquisition of Rohm & Haas is consistent with this strategy," Dow Chemical chairman and chief executive officer Andrew N. Liveris said in a company news release.

Rohm & Haas, a Philadelphia-based specialty materials company, said in a separate news release that it will pursue all available alternatives to protect its shareholders' interests.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.