DuPont - Rogers $5.2B Deal Loses Out To Regulatory Hurdles
DuPont De Nemours, Inc (NYSE: DD) terminated the previously announced agreement to acquire the outstanding shares of Rogers Corp (NYSE: ROG) after failing to obtain timely clearance from all the required regulators.
DuPont is paying Rogers a termination fee of $162.5 million under the agreement.
DuPont announced an $11 billion deal earlier this year to sell most of its mobility and materials business to Celanese Corp (NYSE: CE) and planned to use the sales proceed to fund the Rogers deal, Reuters reports.
Last November, DuPont agreed to acquire engineering materials technology company Rogers at $5.2 billion.
DuPont held $1.44 billion in cash and equivalents as of June 30.
Price Action: DD shares are trading higher by 5.13% at $61.71, while ROG is down 40.96% at $135.50 in the premarket on the last check Wednesday.
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