Rohm & Haas Co. shareholders today voted overwhelmingly in favor of Dow Chemical Co.'s $78-per-share offer to buy the Philadelphia specialty chemical company.
Do the math. Rohm & Haas' shares are trading for around $68 today. Dow is offering $10 more. So the approval should come as no surprise.
Of the 195 million shares outstanding, 87 percent were voted, Rohm & Haas said. And of the votes cast, more than 99 percent of them were in favor of the deal.
The transaction is expected to close in early 2009. Rohm & Haas will keep its name and Philadelphia will remain its headquarters.