logo
  Join        Login             Stock Quote

PPG Industries (PPG) Begins Split-Off Exchange Offer For Commodity Chemicals Business

 December 27, 2012 02:27 PM
 


(By Balachander) PPG Industries Inc. (NYSE: PPG), a supplier of protective and decorative coatings, said it has commenced its exchange offer related to the split-off transaction of its commodity chemicals business.

The split-off transaction is related to the separation and merger of Eagle Spinco Inc., a PPG subsidiary that will own PPG's commodity chemicals business, with a subsidiary of Georgia Gulf Corp. (NYSE: GGC).

In July, PPG agreed to separate and merge its commodity chemicals business with Georgia Gulf.

[Related -A Sloppy, Choppy Session And Mixed Close]

Under the terms of the exchange offer, PPG shareholders have the option to exchange all, some or none of their shares of PPG common stock for shares of Eagle Spinco common stock. Tendering PPG shareholders are expected to receive approximately $1.11 of Georgia Gulf common stock for every $1.00 of PPG common stock tendered.

PPG expects to issue roughly 35.24 million shares of Eagle Spinco common stock in the exchange offer.

The exchange offer and withdrawal rights are scheduled to expire at 8:00 a.m., New York City time, on January 28, 2013

PPG shares retreated 1.97 percent to trade at $132.09 on Thursday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

article imageGoogle Inc. (GOOGL) Q2 Earnings Preview: A Few Pennies Either Way Make a Big Difference.

Google Inc. (NASDAQ:GOOGL) will hold its quarterly conference call to discuss second quarter 2014 financial read on...

article image19 Companies That Could Beat Earnings and Pop on Price Next Week

Using iStock’s proprietary iEstimates model, we have identified 19 publicly traded companies that could read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.