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News Breaks
July 28, 2014
07:52 EDTOLNOlin Corp. management to meet with UBS
Meeting to be held in New York on July 28 hosted by UBS.
News For OLN From The Last 14 Days
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October 9, 2015
10:11 EDTOLNOptions with decreasing implied volatility
Options with decreasing implied volatility: ONCE PMCS NBIX CJES FOLD UPRO SDRL JWN WMB OLN
08:33 EDTOLNDow Chemical sees exchange with Olin to return $1.5B in value to shareholders
Dow Chemical (DOW) announced the final proration factor of 21.0% for its exchange offer for shares of Dow common stock in connection with the transaction to separate its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses and merge those businesses with Olin Corporation (OLN), which successfully closed on October 5. Based on the final count by the exchange agent, a total of 160,764,973 shares of Dow common stock were validly tendered in the exchange offer, including 341,686 shares tendered by shareholders who qualified for and elected odd-lot treatment. Dow shareholders who tendered their shares of Dow common stock in the exchange offer will receive approximately 2.5648 shares of Olin common stock, subject to receipt of cash in lieu of fractional shares, for each share of Dow common stock accepted for exchange. Dow was able to accept the maximum of 34,108,738 shares of Dow common stock for exchange in the offer, or nearly three percent of its outstanding common shares. Dow expects the exchange to return approximately $1.5B in value to shareholders, and effectively completes $6.5B of its $9.5B share repurchase program, the company said.
October 8, 2015
10:24 EDTOLNOptions with decreasing implied volatility
Options with decreasing implied volatility: ONCE PMCS YPF NBIX TCK ERX MU OLN OVTI SPXU
October 6, 2015
16:41 EDTOLNPoint72 Asset lowers stake in Olin Corp. to 3.3% from 6.3%
October 5, 2015
13:13 EDTOLNDow closes transaction to separate significant portion of chlorine value chain
The Dow Chemical Company (DOW) announced the successful closing of the previously announced split-off transaction, resulting in the separation of a significant part of Dow's chlor-alkali and downstream derivatives businesses and merger of these businesses with Olin Corporation (OLN) to create a company with revenues approaching $7 billion. Included are Dow's U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics, and Global Epoxy business units, in addition to 100 percent interest in the Dow Mitsui Chlor-Alkali joint venture. The closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions. As a result of the exchange offer, Dow will reduce outstanding shares of its common stock by more than 34 million shares or nearly 3 percent of outstanding common shares. The transaction is highly accretive to Dow and Dow shareholders, with a tax-efficient consideration of greater than $4.6 billion on an after-tax basis and taxable equivalent value in excess of $7 billion. With this transaction, Dow exceeds its prior stated goal to divest $7 billion to $8.5 billion of non-strategic businesses and assets by mid-2016, with the total now approaching more than $12 billion in pre-tax proceeds. The transaction has a tax-efficient consideration value of $4.6 billion, or taxable equivalent value in excess of $7 billion including $2.1 billion of a combination of cash and debt retirement, nearly $1.0 billion of assumed debt and pension and other liabilities assumed by Olin, in addition to an estimated $1.5 billion in Olin common stock distributed to Dow stockholders in the exchange offer. The split-off structure of the transaction allows Dow to return $1.5 billion in value to shareholders and increase earnings per share by using Splitco common stock in the exchange offer instead of cash. With $2 billion in share repurchases to date in 2015 and the closing of this split-off transaction, Dow has effectively completed $6.5 billion of previously committed shareholder-focused actions. In November 2014, Dow announced a new $5 billion tranche to its existing $4.5 billion share repurchase program, bringing the total program to $9.5 billion. This transaction also includes a 20-year long-term capacity rights agreement for the supply of ethylene by Dow to Olin, in which Dow will receive up-front payments of up to $1.2 billion and, in return, Olin will receive ethylene at co-investor, integrated producer economics.
13:11 EDTOLNOlin completes merger with Dow's chlorine products businesses
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08:44 EDTOLNDow reports preliminary results of exchange offer for Chlorine Value Chain unit
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October 2, 2015
10:10 EDTOLNOptions with increasing implied volatility
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05:23 EDTOLNStocks with implied volatility movement; OLN ZNGA
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