Based on the total number of shares of PPG common stock reported to be tendered and not properly withdrawn prior to the expiration of the exchange offer, the exchange offer was oversubscribed by approximately 61,297,665 shares, including 34,973,611 shares tendered pursuant to guaranteed delivery procedures, resulting in a preliminary proration factor of approximately 14.32 percent.
PPG will not be able to determine the final proration factor until the delivery of shares of PPG common stock tendered by guaranteed delivery is completed at 5:00 p.m., New York City time, on Jan. 31, 2013. PPG will publicly announce the final proration factor, which may be different from today’s preliminary estimate, as soon as it has been determined.
Because more than 10,825,227 shares of PPG common stock were tendered, following the anticipated closing of the merger, all shares of Eagle Spinco common stock owned by PPG will be distributed in the exchange offer, and no shares of Eagle Spinco common stock will be distributed as a pro rata dividend.
About PPG and Its Commodity Chemicals BusinessPPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com. PPG’s commodity chemicals business is a global producer of chlorine, caustic soda and related chemicals for use in applications such as chemical manufacturing, pulp and paper production, water treatment, plastics production and agricultural products, with manufacturing facilities in the U.S., Canada and Taiwan.