Benzinga | Nov 2, 2021 10:53AM EDT

DuPont To Acquire Rogers At 33% Premium

* Chemical firm DuPont de Nemours Inc (NYSE:DD) agreed to acquire engineering materials technology company Rogers Corp (NYSE:ROG) at $5.2 billion.

* The purchase price is worth $277 per share, implying a 33% premium based on Rogers' November 1 closing price of $208.23.

* DuPont will integrate Rogers into its Electronics & Industrial business unit.

* Rogers' significant applications engineering, design expertise, and deep customer relationships form a strong strategic fit with DuPont's innovation capabilities and collaborative approach to solving the most complex customer challenges.

* The transaction would add to the deal-making reputation of DuPont CEO Ed Breen, who engineered the 2012 breakup of Tyco International and oversaw the 2000 sale of General Instrument, Bloomberg reports.

* Rogers, based in Chandler, Arizona, develops advanced electronic materials used in electric vehicles.

* The transaction will likely close in the Q2 of 2022.

* Rogers reported third-quarter FY21 net sales growth of 18% year-on-year to $238.3 million, missing the consensus of 240.01 million.

* Non-GAAP EPS of $1.64 missed the consensus of $1.78.

* DuPont held $1.67 billion in cash and equivalents as of September 30.

* Price Action: ROG shares closed higher by 3.54% at $208.23 on Monday.