DuPont To Acquire Rogers At 33% Premium

Chemical firm DuPont de Nemours Inc DD agreed to acquire engineering materials technology company Rogers Corp ROG at $5.2 billion.
The purchase price is worth $277 per share, implying a 33% premium based on Rogers' November 1 closing price of $208.23.
DuPont will integrate Rogers into its Electronics & Industrial business unit.
Rogers' significant applications engineering, design expertise, and deep customer relationships form a strong strategic fit with DuPont's innovation capabilities and collaborative approach to solving the most complex customer challenges.
The transaction would add to the deal-making reputation of DuPont CEO Ed Breen, who engineered the 2012 breakup of Tyco International and oversaw the 2000 sale of General Instrument, Bloomberg reports.
Rogers, based in Chandler, Arizona, develops advanced electronic materials used in electric vehicles.
The transaction will likely close in the Q2 of 2022.
Rogers reported third-quarter FY21 net sales growth of 18% year-on-year to $238.3 million, missing the consensus of 240.01 million.
Non-GAAP EPS of $1.64 missed the consensus of $1.78.
DuPont held $1.67 billion in cash and equivalents as of September 30.
Price Action: ROG shares closed higher by 3.54% at $208.23 on Monday.