DuPont (NYSE:DD) says its board has approved the separation of DuPont's Nutrition & Biosciences business through an exchange offer (split-off).
Under the offer, DuPont stockholders has the right to tender shares of DuPont stock in exchange for shares of Nutrition & Biosciences ((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, under which shares of N&B common stock will be converted into shares of IFF common stock.
The terms of the split-off offer will be disclosed at the launch of the exchange offer.
Conditionally, if the split-off is not fully subscribed, the remaining shares of N&B common stock will be distributed through a pro rata spin-off to DuPont stockholders.
