Today, July 20, DuPont and Dow held shareholders meetings, during which shareholders of both companies voted yes on completing the merger. This is a key milestone in the process to merge the two companies and subsequently pursue the intended spin-offs of three independent companies.
According to a news release, the companies expect the merger transaction to close in the second half of 2016, subject to customary closing conditions, including receipt of regulatory approvals.
“The overwhelming support of Dow and DuPont stockholders to approve this historic merger transaction is a clear testament to the compelling value proposition and enhanced shareholder value that DowDuPont represents,” says Andrew Liveris, Dow’s chairman and CEO. “Today is a pivotal step toward bringing together these two iconic enterprises, and to the subsequent intended separation into three leading, independent technology and innovation-based science companies that will generate significant benefits for all stakeholders.”
Ed Breen, chair and chief executive officer of DuPont, adds: “We are pleased to receive such strong support from our stockholders … We are now focused on important next steps toward completing the merger transaction, including working with regulators in the appropriate jurisdictions. We are confident that this merger will create long-term, sustainable value for stockholders and superior solutions and choices for customers.”
Following the completion of the merger, the combined company will pursue the separation of the combined company’s Agriculture business, Material Science business and Specialty Products business into three independent, publicly traded companies, subject to approval by the DowDuPont board and receipt of any required regulatory approvals. This should happen with 18-24 months of the merger.
The final voting results on all agenda items for each company’s special meeting will be filed with the SEC in separate Form 8-Ks and will also be available at http://www.dow.com/en-us/investor-relations/financial-reporting and http://investors.dupont.com, respectively, after certification by each company’s inspector of elections.
