PPG Begins Split-Off Exchange Offer for Commodity Chemicals Business
PITTSBURGH – PPG Industries has begun its exchange offer related to the split-off transaction of its commodity chemicals business. The split-off transaction is in connection with the separation and merger of Eagle Spinco Inc., a wholly owned subsidiary of PPG that will own substantially all of the assets and liabilities of PPG’s commodity chemicals business, with a subsidiary of Georgia Gulf Corp. As previously announced, PPG entered into definitive agreements as of July 18, 2012, to separate and merge its commodity chemicals business with Georgia Gulf.
As part of the exchange offer, 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.