Finance History|11 Wall Street — One Materials Share for Every Three Merger Shares
· 2019-4
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Finance History|11 Wall Street — One Materials Share for Every Three Merger Shares
kevin
People treat Dow as a Midland chemicals house that always printed DOW on its own book.
The 2019 issuer was the materials-science division of DowDuPont, itself the 2017 combination of Dow Chemical and DuPont.
A Dow release dated 1 April 2019 said the distribution closed that day. Each DowDuPont holder of record at the close on 21 March 2019 received one Dow common share for every three DowDuPont shares, plus cash in lieu of fractions.
Regular-way trading began 2 April 2019 on the New York Stock Exchange under DOW. The same release said the new company would join the Dow Jones Industrial Average.
When-issued trading had opened 20 March 2019 under DOW WI after the NYSE authorized the listing. Bloomberg recorded the new shares 3.8 percent higher at 55.52 dollars by 11:05 a.m. on 2 April 2019.
The mechanism is a tax-free split of a merged chemicals conglomerate into a pure-play packaging, infrastructure, and consumer-care book. No primary shares were sold.
Holders who wanted ethylene, polyethylene, and silicones took DOW. The agriculture book later left as Corteva. The specialty book stayed with the remaining parent.
The pin is the Broad Street facade of the Exchange, where DOW opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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