Dow is On The Clock

UPDATE: The clock just ran out. Dow Chemicals has tried to back out. See more at the WSJ Law Blog. Dow might have to come up with some cash, and a new set of in house attorneys

Dow Chemicals now has forty-eight hours to finalize the deal to purchase Rohm and Haas or face penalties.
Good analysis here,
And here.

Dow faces some tough decisions.
Does the ruling clearing the purchase qualify as “approval”?
If it is approval, do they want to go through with the deal at the stated price and face breach of contract issues?
When things change quickly, parties to these takeovers get caught out.

Note to your attorneys: “Make sure we have an out in case of radical change in the environment!”

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