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Rogers Corporation announced the termination of its definitive merger agreement with DuPont de Nemours, Inc. In connection with the termination of the merger agreement, Rogers has received a regulatory termination fee of $162.5 million from DuPont.
As previously disclosed, the merger agreement provided both Rogers and DuPont with a right to terminate the merger agreement if the merger had not closed on or before November 1, 2022. Consummation of the merger was subject to various customary closing conditions, including regulatory approval by the State Administration for Market Regulation of China (“SAMR”). As of November 1, 2022, the parties had not received regulatory approval from SAMR.
Peter C. Wallace, Rogers’ Board Chair, stated, “While we are disappointed with the outcome of this process, the strength of Rogers as a standalone business is undeniable. Our strategic plan provides a clear path towards future growth, and we look forward to expanding upon our leadership position and capitalizing on the many attractive opportunities ahead. We’ve always been focused on generating shareholder value and remain dedicated to this important objective on the journey ahead.”
Bruce D. Hoechner, Rogers’ President and CEO, said, “Rogers has continued to perform well and grow revenue in a challenging macroeconomic environment over the past year, and as we pivot to the future, we will continue to execute our proven strategy to create sustainable value for our shareholders and other stakeholders. We remain confident that we can double our annual revenues over the next five years and return profitability back to historic levels as market conditions improve. We are entering this next chapter in a position of strength, as an industry leader innovating across fast-growing markets, with a clear and robust pipeline of opportunities and widespread customer enthusiasm about our offerings and value proposition.”