This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PPG Sets Final Exchange Ratio Of 3.2562 For Split-off Of Commodity Chemicals Business

PPG Industries (NYSE:PPG) today announced that the final exchange ratio for its exchange offer for PPG common stock is set at 3.2562 shares of Eagle Spinco Inc. common stock for each share of PPG common stock validly tendered and not withdrawn pursuant to the exchange offer. This exchange ratio permits PPG shareholders to exchange their shares of PPG common stock for shares of common stock of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that will own substantially all the assets and liabilities of PPG’s commodity chemicals business. After PPG’s acceptance of shares in the exchange offer, Eagle Spinco will merge with a subsidiary of Georgia Gulf Corporation (NYSE:GGC) and each share of Eagle Spinco common stock will convert automatically into the right to receive one share of Georgia Gulf common stock.

As previously announced, PPG entered into definitive agreements as of July 18, 2012, to separate its commodity chemicals business and merge it with Georgia Gulf.

The exchange offer will expire at 8:00 a.m., New York City time, on January 28, 2013, unless terminated or extended, and the closing of the Eagle Spinco merger is expected to occur after completion of the exchange offer. The transactions are subject to customary closing conditions.

PPG is offering 35,249,104 shares of Eagle Spinco common stock in exchange for shares of PPG common stock. Based on the final exchange ratio, PPG will accept for exchange a maximum of 10,825,227 shares of PPG common stock. The upper limit of 3.9745 shares of Eagle Spinco common stock for each share of PPG common stock is not in effect.

The exchange offer will be subject to proration if it is oversubscribed, and accordingly, the number of shares of PPG common stock accepted in the exchange offer may be less than the number of shares of PPG common stock tendered. If the exchange offer is consummated but not fully subscribed, PPG will distribute all of the shares of Eagle Spinco common stock it continues to own as a pro rata dividend to all PPG shareholders whose shares of PPG common stock remain outstanding and have not been accepted for exchange in the exchange offer.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.20 -0.45%
FB $118.13 0.06%
GOOG $699.54 0.55%
TSLA $212.34 -4.60%
YHOO $37.07 3.00%


Chart of I:DJI
DOW 17,694.78 +43.52 0.25%
S&P 500 2,055.41 +4.29 0.21%
NASDAQ 4,732.6950 +7.0560 0.15%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs