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DuPont Board Approves Separation Of Nutrition & Biosciences Unit Through Split-off

DuPont (DD) announced that its Board of Directors has approved the separation of its Nutrition & Biosciences business through an exchange offer.

In the split-off, DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences, Inc. or N&B common stock.

The separation will be followed by the simultaneous combination of N&B with International Flavors & Fragrances or IFF in a Reverse Morris Trust transaction in which shares of N&B common stock will be converted into shares of IFF common stock.

DuPont said it will announce the offer terms at launch of the exchange offer. 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.

DuPont plans a target closing, subject to customary closing conditions, of February 1, 2021 for the IFF and N&B combination.

It was in December last year that IFF and DuPont agreed to merge IFF with N&B business in a Reverse Morris Trust transaction. The deal then valued the combined company at $45.4 billion on an enterprise value basis.

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