Rogers plunges after DuPont scraps $5.2 bln buyout on China hurdles

Rogers

02/11/2022 10:41

** Shares of engineering materials maker Rogers Corp  ROG.N 
plunge ~41% premarket to $136.01 
    ** ROG on track to hit lowest since Nov 2020, if losses hold
    ** Chemicals maker DuPont De Nemours Inc  DD.N  on Tuesday
said it was scrapping its $5.2 bln buyout of ROG as the
companies could not obtain regulatory clearances in time caused
by a failure to clear Chinese regulatory hurdles
    ** The collapsed Rogers deal is the most prominent global
acquisition to be called off in four years due to Chinese
regulatory hurdles
    ** Rogers says it is evaluating all options in response to
DuPont's termination notice
    ** DuPont to pay Rogers a termination fee of $162.5 mln
    ** Up to Tuesday's close, ROG had fallen 16% YTD
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))