On Wednesday, Shares of The Dow Chemical Company (NYSE:DOW), gained 1.75% to $42.39.
The Dow Chemical Company declared that it has commenced its exchange offer for the split-off of a noteworthy portion of its chlorine value chain. The split-off transaction is the next step in the separation, from Dow, of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses. The exchange offer provides Dow shareholders with the opportunity to exchange their shares of Dow common stock for shares of Blue Cube Spinco Inc. common stock, which will convert into shares of Olin common stock upon completion of the projected transaction. The exchange is predictable to be tax-free to participating Dow shareholders for U.S. federal income tax purposes.
Key elements of the exchange offer:
- Dow is offering to exchange all shares of common stock of Blue Cube Spinco Inc. (“Splitco”), a wholly owned partner of Dow, for shares of common stock of Dow that are validly tendered and not properly withdrawn.
- Dow shareholders have the option to exchange all, some or none of their shares of Dow common stock for shares of Splitco common stock, subject to proration as described below. Shares of Splitco common stock will automatically convert into the right to receive 0.87482759 shares of Olin common stock at the closing of the merger of an Olin partner with and into Splitco, which is predictable to occur promptly after completion of the exchange offer.
- Tendering Dow shareholders are predictable to receive about $1.11 of Splitco common stock for every $1.00 of Dow common shares tendered and accepted in the exchange offer, subject to the upper limit described below.
- Dow will determine the ratio at which shares of Dow common stock and Splitco common stock will be exchanged by reference to the simple arithmetic average of the daily volume-weighted average prices of shares of Dow common stock and Olin common stock on the New York Stock Exchange on each of three valuation dates at the end of the exchange offer.
- Dow anticipates to issue 100,000,000 shares of Splitco common stock in the exchange offer. The number of shares of Dow common stock that will be accepted in the exchange offer will depend on the final exchange ratio and the number of shares of Dow common stock tendered.
- The exchange offer and withdrawal rights are planned to expire at 8:00 a.m., New York City time, on October 1, 2015, unless the exchange offer is extended or terminated.
The Dow Chemical Company manufactures and supplies products that are used primarily as raw materials in the manufacture of customer products and services worldwide.
Finally, Marathon Petroleum Corporation (NYSE:MPC), ended its last trade with 1.63% gain, and closed at $46.81.
On Wednesday, Sept. 9, Marathon Petroleum Corporation President and CEO Gary R. Heminger will deliver a presentation to investors and industry analysts at the Barclays CEO Energy-Power Conference in New York City.
Heminger`s presentation is planned to start at 8:25 a.m. EDT. The live webcast and archived presentation can be viewed on Marathon Petroleum`s Investor Relations website, http://ir.marathonpetroleum.com. The archived webcast and presentation support materials will be available for 14 days following Heminger`s presentation.
Marathon Petroleum Corporation, together with its auxiliaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation.
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