In connection with the separation, the DowDuPont board of directors declared a pro rata dividend of all of the outstanding shares of common stock of Dow Inc., the parent company of DowDuPont’s Material Science Division (Dow). The dividend is expected to be payable on April 1, 2019, the distribution date, to DowDuPont stockholders of record as of the close of business on March 21, 2019, the record date.
On the distribution date, each DowDuPont stockholder will receive one share of Dow common stock for every three shares of DowDuPont common stock they held on the record date. Registered DowDuPont stockholders will receive cash in lieu of any fractional shares of Dow common stock.
“Today’s announcement marks a major milestone toward successfully separating Dow on April 1, to be followed by the expected separation of Corteva Agriscience from the new DuPont on June 1,” said Ed Breen, CEO of DowDuPont. “We believe that each of the intended three independent companies is set to be an industry leader with the right management and capital structure to better serve customers, compete in their end markets and focus on their innovation priorities.”
After the separation, Dow will be an independent, publicly traded company.
“The new Dow is a more focused, disciplined and market-oriented company,” said Jim Fitterling, COO of the Materials Science division and CEO elect of Dow. “We are fully prepared for our separation from DowDuPont on April 1, and ready to innovate and grow with our customers while delivering long-term value for our shareholders.”
Dow’s board of directors declared a dividend for the second quarter of 2019, to be paid on June 14, 2019, of $525 million in the aggregate on pro-rata basis to Dow stockholders of record as of the close of business on May 31, 2019.
In addition, DowDuPont’s board of directors also declared a dividend for the second quarter of 2019, to be paid on May 28, 2019, of $325 million in the aggregate on pro-rata basis to DowDuPont stockholders of record as of the close of business on April 26, 2019.