After announcing the agreement with DuPont (NYSE: DD), Rogers Corporation (NYSE: ROG) share prices rocketed 30% on Tuesday. The definitive merger agreement made between the two parties was announced by Rogers Corporation today.
The deal will give shareholders of Rogers Corporation substantial value. They’ll receive a cash per share worth $277, representing a premium over the closing shares of the company of about 33%.
Senior management statements
Rogers Corporation’s President and Chief Executive Officer, Bruce D. Hoechner, said:
Rogers is a recognized global leader in advanced materials solutions, and this combination with DuPont will help accelerate our long-term growth in EV/HEV, ADAS and other key markets.
He claimed that the team Rogers has in place has created a growth-focused company with strong customer intimacy and technology leadership. In addition, the DuPont collaboration will provide Rogers with the support and resources the company will need to scale for success.
Bruce claims that DuPont and Rogers naturally fit together, and he believes that this collaboration will create a new and exciting next chapter for the company’s partners, employees, and customers.
DuPont’s Chief Executive Officer and Executive Chairman, Ed Breen, said:
Rogers is a results-driven organization with excellent technical expertise and deep customer relationships that align well with DuPont’s leading innovation and applied material science capabilities.
Ed Breen claimed that the collaboration between them and Rogers would allow them to strengthen their market-leading portfolio. It will also allow them to come up with new solutions to the exciting new end markets.
Details of the agreement
Rogers Corporation’s Board of Directors unanimously approved the deal and recommended that their shareholders vote for the transaction during the Shareholders’ Special Meeting.
The close of the transaction is expected to happen by the second quarter of the next fiscal year. The close, of course, will have to comply with customary closing conditions, which include shareholder approvals and regulatory approvals.
DuPont claims that they’re looking forward to working closely with employees from Rogers Corporation to deliver important innovations that’ll help it and its customers grow.
Shares of Rogers Corporation are up 30% today and are trading at $269.94 after opening at $271.92 on Tuesday.
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