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Loeb
sent a private letter to Dow's board on Saturday raising
questions about the timing of the deal, the WSJ reported,
without disclosing how it knew the contents of the letter.
Dow Chemical spokeswoman Rachelle Schikorra told Reuters: "Dow’s
Board of Directors, including Third Point’s two designated
directors, are unanimously and fully supportive of the announced
merger of equals with DuPont and intended separation."
"This merger is the optimal path forward and a win for all of
our shareholders. We stand by both our and DuPont’s Boards’
unanimous decisions to conduct this transaction, and are fully
focused on achieving the successful integration of both
powerhouse companies," Schikorra said.
DuPont declined to comment.
Loeb, who supports the merger, questioned whether the deal was
rushed to be completed before the expiration of a standstill
agreement this weekend that had barred him from publicly
speaking about Dow, the WSJ reported.
Directors on Dow's board supported the deal and Liveris in
comments provided to Reuters. Raymond Milchovich, one of the two
directors Loeb nominated roughly a year ago, said: "I have been
fully aligned with the strategic decisions and direction the
Board has taken, including our most recent agreement with DuPont
– a highly synergistic transaction that will unlock significant
shareholder value."
Milchovich told the WSJ: “Personally I think it’s almost
laughable to say that anyone tried to engineer this date to the
expiration of the standstill."
Liveris came under attack last year from Loeb, whose Third Point
had acquired a 2 percent stake in Dow.
(Reporting by Sam Forgione; Editing by Alan Crosby and Grant
McCool)
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