On Wednesday, Shares of Dow Chemical Co (NYSE:DOW), gained 4.54% to $42.40.
The Dow Chemical Company declared that the final exchange ratio for its exchange offer for shares of common stock of Dow will be 2.9318 shares of common stock of Blue Cube Spinco Inc. (“Splitco”), for each share of Dow common stock validly tendered and not properly withdrawn. The split-off transaction is a key step in the formerly declared separation, from Dow, of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses into Splitco and merger of Splitco with a partner of Olin Corporation (“Olin”) (OLN). The exchange offer provides Dow shareholders with the opportunity to exchange their shares of Dow common stock for shares of Splitco common stock, which will convert into the right to receive 0.87482759 shares of Olin common stock upon completion of the projected transaction.
As a result, Dow shareholders who tendered their shares of Dow common stock in the exchange offer will receive about 2.5648 shares of Olin common stock (subject to receipt of cash in lieu of fractional shares) for each share of Dow common stock accepted for exchange. The exchange is predictable to be tax-free to participating Dow shareholders for U.S. federal income tax purposes.
Dow is offering 100,000,000 shares of Splitco common stock for shares of Dow common stock. Based on the final exchange ratio, Dow will accept for exchange a maximum of 34,108,738 shares of Dow common stock in the exchange offer.
The Dow Chemical Company (Dow) is as an integrated science and technology company. The Company is a diversified, manufacturer and supplier of products used primarily as raw materials in the manufacture of customer products and services across the world.
Shares of American Airlines Group Inc (NASDAQ:AAL), declined -0.89% to $38.83, during its last trading session.
American Airlines Group and the Communications Workers of America and International Brotherhood of Teamsters (CWA-IBT) have reached a tentative agreement on a new joint collective bargaining agreement. The CWA-IBT represents American Airlines gate and ticket agents, Premium Service representatives, Reservations representatives and Travel CeWebsite - http://www.aa.comnter representatives.
“Today’s tentative agreement provides noteworthy pay raises to our team members, while preserving jobs and facilitating growth,” said Kerry Philipovitch, senior vice president – Customer Experience. “Our agents and representatives have played a critical role in our integration and we thank them for the superior service they provide to our customers every day. We would also like to thank the CWA-IBT for their professionalism and for advocating for their members, and to both negotiating teams for their dedication and hard work toward reaching a contract.”
The CWA-IBT will share details of the tentative agreement directly to their membership.
American Airlines Group Inc. (AAG) is a holding company and its wholly-owned auxiliaries comprise American Airlines, Inc. (American), US Airways Group, Inc. (US Airways Group) and Envoy Aviation Group Inc. (Envoy). US Airways Group’s principal partner comprise US Airways, Inc. (US Airways) and its other wholly-owned auxiliaries comprise Piedmont Airlines, Inc. (Piedmont), and PSA Airlines, Inc. (PSA).
Shares of Corning Incorporated (NYSE:GLW), inclined 2.49% to $17.11, during its last trading session.
Corning Incorporated and Quuppa, a leading provider of real-time locating systems (RTLS), recently declared a contract to resell and distribute the Quuppa Intelligent Locating System™ as part of the Corning ONE™ Wireless Platform in the U.S. and Canada.
Quuppa’s Intelligent Locating System is a full solution with equipment, software, tools, and services that delivers real-time asset tracking of Bluetooth®-enabled smart tags and Bluetooth low energy (BLE) devices. The technology gives customers the ability to precisely track the location and movement of any object, even fast-moving ones, with sub-meter position accuracy.
The ONE platform is the first all-optical solution to converge nearly every wired and wireless connectivity need into a single, unified infrastructure. This means the local area network (LAN) that delivers internet, Wi-Fi, security, building automation and access control lives on the same network as the distributed antenna system (DAS) that delivers cellular — all sharing the same power, backup, and fiber backbone for simple, convenient network administration.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. Corning operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
Finally, Reynolds American, Inc. (NYSE:RAI), ended its last trade with 1.84% gain, and closed at $44.27.
U.S. tobacco companies on Wednesday filed a lawsuit against the U.S. Food and Drug Administration hoping to stop the agency from enforcing a directive on changes to a tobacco product’s labeling or quantity, according to Reuters.
The lawsuit brought by auxiliaries of Imperial Tobacco Group, Reynolds American Inc and Altria against the FDA in the U.S. District Court for the District of Columbia is the second this year over the directive. Tobacco companies withdrew an earlier lawsuit in June after the FDA said it would hold off on enforcement actions while it considered additional input on the policy.
The FDA released a new version of the directive on Sept. 8, but plaintiffs said it had not meaningfully changed from the original. The companies claim that even with the revisions the guidance unlawfully imposes on their commercial speech rights under the First Amendment and exposes them to civil or criminal penalties, according to the lawsuit.
The FDA guidelines were initially issued by the FDA in March to assist clarify what changes to a tobacco product require regulatory approval under the 2009 Tobacco Control Act. Among other things, the FDA said that noteworthy modifications to a product’s label that make it distinct from the original version, such as a logo or recognizable color pattern, or changes to the quantity sold in each package, could require authorization. Reuters Reports
Altria spokesman Brian May said in a statement that the company continued to disagree with the FDA’s requirements. A spokesman for Reynolds American, David Howard, called the FDA’s actions an attempted “end run” around the Tobacco Control Act. Reuters added.
Reynolds American Inc. (RAI) is a holding company. The Company operates through three segments: RJR Tobacco, American Snuff and Santa Fe. The RJR Tobacco segment comprises principally of the primary operations of R. J. Reynolds Tobacco Company. The American Snuff segment comprises of the primary operations of American Snuff Co. The Santa Fe segment comprises of the domestic operations of Santa Fe Natural Tobacco Company Inc. (SFNTC).
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