DuPont Board Approves Separation of Nutrition & Biosciences Business through Exchange Offer
The separation will be followed by the simultaneous combination of Nutrition & Biosciences, Inc. with International Flavors & Fragrances.
DuPont recently announced that its board of directors has approved the separation of DuPont’s Nutrition & Biosciences business through an exchange offer (split-off) whereby DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences, Inc. (N&B) common stock. The separation will be followed by the simultaneous combination of N&B with International Flavors & Fragrances (IFF) in a Reverse Morris Trust transaction in which shares of N&B common stock will be converted into shares of IFF common stock.
“DuPont’s management and Board of Directors believe the split-off enhances choice for DuPont stockholders and offers an attractive and efficient way for DuPont to retire shares,” said Ed Breen, executive chairman and CEO.