DuPont Board Approves Separation of Nutrition & Biosciences Business
December 18 2020 - 6:51AM
Dow Jones News
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)
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