Rohm and Haas Revises Procedure to Acquire Morton
PHILADELPHIA — Rohm and Haas Co. said it will proceed to complete its acquisition of Morton International Inc. through a single-step merger under which Morton shareholders would receive a mixture of cash and Rohm and Haas common stock. The announcement follows the April 22 expiration and withdrawal of Rohm and Haas’s tender offer for Morton shares, under which fewer than the minimum required number of shares were tendered for cash.
Rohm and Haas also said it has received approval of the merger from trade regulators in both the United States and Europe. The management of both companies said they remain committed to the merger, and expect to complete the transaction by the end of June.
In a separate transaction, the diversified chemicals company GenCorp has acquired Morton’s latex floor-care business.