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DuPont Announces Final Results of Exchange Offer in Connection with IFF Transaction
February 3, 2021 GMT
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WILMINGTON, Del., Feb. 3, 2021 /PRNewswire/ DuPont (NYSE: DD) announced today the final results of its exchange offer, and the final proration factor of 52.5307455 percent, in connection with the previously announced separation of its nutrition and biosciences business (the “N&B Business”) and merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. (“IFF”) (NYSE: IFF).
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DuPont Announces Preliminary Results of Exchange Offer in Connection with IFF Transaction
February 1, 2021 GMT
DuPont Logo (PRNewsfoto/DuPont)
WILMINGTON, Del., Feb. 1, 2021 /PRNewswire/ DuPont (NYSE: DD) announced today the preliminary results of its exchange offer in connection with the previously announced separation of its nutrition and biosciences business (the “N&B Business”) and merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. (“IFF”) (NYSE: IFF). DuPont intends to accept, subject to proration, shares of DuPont common stock validly tendered in the exchange offer.
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WILMINGTON, Del., Feb. 1, 2021 /PRNewswire/ DuPont (NYSE:DD) announced it is completing today the merger of IFF and Nutrition & Biosciences. In connection with the closing of the transaction with IFF, DuPont receives a special cash payment of about $7.3 billion, approximately $5 billion of which will be used to strengthen the balance sheet by retiring outstanding debt.
As a result of the merger completion, DuPont will move forward with a sharpened strategic focus and is making certain targeted adjustments to its reporting structure. Effective February 1, 2021, DuPont will have three business reporting segments: Electronics & Industrial, Mobility & Materials, and Water & Protection. Each will house market-leading businesses with deep expertise, differentiated products and technologies, and the capabilities necessary to win with customers, outperform their peers, and deliver shareholder value.
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WILMINGTON, Del., Dec. 31, 2020 /PRNewswire/
DuPont (NYSE: DD) today announced the commencement of its exchange offer (split-off) whereby DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences, Inc. ( N&B ) common stock. The exchange offer is part of DuPont s previously announced Reverse Morris Trust transaction with International Flavors & Fragrances (NYSE: IFF) ( IFF ).
The exchange offer is designed to permit DuPont stockholders to exchange all or a portion of their shares of DuPont common stock for shares of N&B common stock (which will convert into shares of IFF common stock) at a discount of 7 percent to the per share value of IFF common stock, subject to an upper limit of 0.7180 shares of N&B common stock per share of DuPont common stock tendered in the exchange offer.
DuPont Board of Directors Approves the Separation of DuPont s Nutrition & Biosciences Business through an Exchange Offer
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WILMINGTON, Del., Dec. 18, 2020 /PRNewswire/ DuPont (NYSE: DD) today announced that its Board of Directors has approved the separation of DuPont s Nutrition & Biosciences business through an exchange offer (split-off) whereby DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences, Inc. ( N&B ) common stock. The separation will be followed by the simultaneous combination of N&B with International Flavors & Fragrances ( IFF ) in a Reverse Morris Trust transaction in which shares of N&B common stock will be converted into shares of IFF common stock.