Summary
E. I. du Pont de Nemours and Company (EIDP) filed an 8-K on July 20, 2016, reporting the results of a Special Meeting of Stockholders held on the same date. The primary purpose of the meeting was to vote on the proposed merger agreement with The Dow Chemical Company (Dow) and its subsidiaries, Diamond-Orion HoldCo, Inc. and its merger subs. The filing confirms that EIDP's stockholders overwhelmingly approved the merger agreement, marking a significant step towards the completion of this transformative transaction. In addition to the merger agreement, stockholders also voted on an advisory proposal regarding executive compensation related to the merger and a proposal to adjourn the meeting if necessary. Both of these proposals also received majority approval. The strong shareholder support for the merger agreement indicates a positive reception from EIDP's investors for the proposed combination with Dow, which is expected to create a new entity, DowDuPont Inc.
Key Highlights
- 1E. I. du Pont de Nemours and Company (EIDP) held a Special Meeting of Stockholders on July 20, 2016.
- 2Stockholders overwhelmingly approved the Agreement and Plan of Merger with The Dow Chemical Company (Dow).
- 3The approval of the merger agreement is a critical step towards the formation of DowDuPont Inc.
- 4A non-binding advisory vote on executive compensation related to the merger was also approved by stockholders.
- 5A proposal to adjourn the meeting, if necessary, was approved but ultimately not required due to the approval of the merger agreement.
- 6A quorum was met, with approximately 77.93% of outstanding shares participating in the vote.
- 7The company also announced, via a joint press release with Dow, the results of Dow's Special Meeting of Stockholders.