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Dow Chemical, Rohm & Haas in talks
By Lisa Kerner
Charlotte, N.C., March 6 - Dow Chemical Co. and Rohm & Haas Co. confirmed on Friday that they are in discussions regarding their pending merger and litigation.
The companies did not comment further.
As previously reported, Rohm & Haas asked the Court of Chancery of the State of Delaware to force Dow to complete its $78-per-share acquisition of Rohm & Haas under the companies' July 10, 2008 merger agreement.
Dow had announced it could not complete the acquisition by Jan. 27 as required under the agreement due to market conditions and the failure of Petrochemicals Industries Co. of Kuwait to complete the K-Dow joint venture. The company also denied that it has breached the merger agreement.
Rohm & Haas shareholders Hotchkiss and Wiley Capital and Paulson & Co., Inc. suggested ways Dow could complete the merger, including undertaking an equity offering or using the committed $13 billion bridge loan and the $4 billion convertible preferred stock financing available to it.
Dow is a diversified chemical company based in Midland, Mich.
Rohm & Haas is a Philadelphia-based specialty materials company.
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