- Rogers (ROG ) slipped another 14% after plunging 44% on Wednesday after Dupont ( NYSE: DD ) terminated its planned $5.2 billion purchase of the company.
- Rogers ( NYSE: ROG ) after the close on Wednesday a nnounced the termination of the deal and its plans to remain a standalone company after the companies failed to win Chinese antitrust approval before a Nov. 1 walk deadline.
- “While we are disappointed with the outcome of this process, the strength of Rogers as a standalone business is undeniable," Rogers Chairman Peter C. Wallace said in a statement.
- Rogers ( ROG ) shares likely continued their pitfall as some investors may have expected that the company may somehow try to challenge the the Dupont termination, potentially through a lawsuit. The deal termination came as a huge surprise to risk arb traders who expected the deal would be extended past its walk date or believed the deal would be recut at a lower price.
- Dupont and Rogers had until Tuesday to decide if either planned to walk away from the deal as China's antitrust review of the deal dragged on for months. Dupont ( DD ) agreed last November to acquire Rogers ( ROG ) for $277 a share in cash.
- Rogers ( ROG ) shares are currently trading $110, a $100 below the price they traded at prior to when the Dupont ( DD ) deal was announced last Nov 2.
- Investors may hear more about why Dupont ( DD ) decided to walk away when the company reports Q3 results next Tuesday.
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Rogers Corp. shares tumble another 14% after confirming Dupont deal terminated