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Rogers stock drops sharply after DuPont walks away from purchasing the company

rogers stock drops sharply after dupont walks away from purchasing the company

Rogers Corp. ROG, -44.30% stock fell 42% to $96.49 in premarket trades on Wednesday after it received a termination notice from DuPont de Nemours Inc. DD, +3.13% for its $5 billion acquisition of the engineered materials company. Rogers said it’s “evaluating all options” to determine its best path forward. DuPont said Tuesday the two companies “have been unable to obtain timely clearance from all the required regulators” and that it would pay Rogers a $162.5 million termination fee. DuPont initially announced plans to acquire the engineered materials company for $277 a share in cash, or $5.2 billion, on Nov. 2, 2021, and had planned to close the deal by Sept. 30. DuPont said it received all regulatory approvals except for the State Administration for Market Regulation of China. Shares of DuPont rose nearly 7% in premarket trades.

Source: Marketwatch

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