DowDuPont Board Approves Separation Of DowDuPont's Materials Science Division

(RTTNews) - DowDuPont (DWDP) said that its board has approved the separation of DowDuPont's Materials Science Division, which will become the new Dow on April 1.

In connection with the separation, the DowDuPont board of directors declared a pro rata dividend of all of the outstanding shares of common stock of Dow Inc. (formerly known as Dow Holdings, Inc.), the parent company of DowDuPont's Material Science Division ("Dow"). The dividend is expected to be payable on April 1, 2019, the distribution date, to DowDuPont stockholders of record as of the close of business on March 21, 2019 the record date.

On the distribution date, each DowDuPont stockholder will receive one share of Dow common stock for every three shares of DowDuPont common stock they held on the record date. Registered DowDuPont stockholders will receive cash in lieu of any fractional shares of Dow common stock.

After the separation, Dow will be an independent, publicly traded company, pursuing its ambition to become the most innovative, customer-centric, inclusive and sustainable materials science company in the world.

Dow's board of directors declared a dividend for the second quarter of 2019, to be paid on June 14, 2019, of $525 million in the aggregate on pro rata basis to Dow stockholders of record as of the close of business on May 31, 2019.

In addition, DowDuPont's board of directors also declared a dividend for the second quarter of 2019, to be paid on May 28, 2019, of $325 million in the aggregate on pro rata basis to DowDuPont stockholders of record as of the close of business on April 26, 2019.

It is anticipated that "when-issued" trading in Dow common stock on the New York Stock Exchange will begin on or about March 20, 2019 under the symbol "DOW WI," and that Dow common stock will begin "regular-way" trading on the NYSE on April 2, 2019 under the symbol "DOW."

Beginning on March 20, 2019 and continuing through April 1, 2019, it is expected that there will be two markets in DowDuPont common stock on the NYSE: a "regular-way" market under the symbol "DWDP," in which DowDuPont shares will trade with the right to receive shares of Dow common stock in the distribution, and an "ex distribution market" under the symbol "DWDP WI" in which DowDuPont shares will trade without the right to receive shares of Dow common stock in the distribution.