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News Breaks
December 27, 2012
13:36 EDTPPG, GGCPPG begins exchange offer for split-off of commodity chemicals business
PPG Industries (PPG) announced that it has commenced its exchange offer related to the split-off transaction of its commodity chemicals business. The split-off transaction is in connection with the previously announced separation and merger of Eagle Spinco, a wholly-owned subsidiary of PPG that will own substantially all of the assets and liabilities of PPGs commodity chemicals business, with a subsidiary of Georgia Gulf Corporation (GGC). 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, subject to proration. Shares of Eagle Spinco common stock will convert automatically into the right to receive shares of Georgia Gulf common stock at the closing of the merger of a Georgia Gulf subsidiary with and into Eagle Spinco, which is expected to occur promptly after completion of the exchange offer. Tendering PPG shareholders are expected to receive approximately $1.11 of Georgia Gulf common stock for every $1.00 of PPG common stock tendered, subject to an upper limit. PPG will determine the prices at which shares of PPG common stock and shares of Eagle Spinco common stock, and ultimately Georgia Gulf common stock, will be exchanged by reference to the simple arithmetic average of the daily volume-weighted average prices of PPG common stock and Georgia Gulf common stock, respectively, on the New York Stock Exchange on each of the last three trading days of the exchange offer. PPG currently expects to issue approximately 35,236,010 shares of Eagle Spinco common stock in the exchange offer. The exact number of shares of Eagle Spinco common stock to be issued will be equal to the greater of 35,200,000 or 1.02020202 times the number of shares of Georgia Gulf common stock outstanding immediately prior to the merger. The exchange offer and withdrawal rights are scheduled to expire at 8:00 a.m., New York City time, on January 28, 2013, unless the exchange offer is extended or terminated.
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September 2, 2014
08:16 EDTPPGPPG completes sale of Mount Zion flat glass manufacturing facility
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