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DuPont de Nemours Inc NYSE:DD NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -1.35 -1.63% 81.50 83.78 81.65 83.49 4,197,162 00:00:38

DuPont Board Approves Separation of Nutrition & Biosciences Business

18/12/2020 11:51am

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By Chris Wack

 

DuPont said Friday that its board of directors has approved the separation of its Nutrition & Biosciences business through an exchange offer.

The company said DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences Inc. common stock. The separation will be followed by the simultaneous combination of Nutrition & Biosciences with International Flavors & Fragrances in a Reverse Morris Trust transaction in which shares of Nutrition & Biosciences common stock will be converted into shares of IFF common stock.

DuPont will announce the offer terms at launch of the exchange offer. If the split-off isn't fully subscribed, the remaining shares of Nutrition & Biosciences will be distributed through a pro rata spin-off to DuPont stockholders.

DuPont said it sees the closing of the IFF and Nutrition & Biosciences on Feb. 1, 2021.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

December 18, 2020 06:36 ET (11:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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