Olin Shareholders Oks Proposals To Close Merger With Chlor-Alkali And Vinyl

(RTTNews) - Olin Corp. (OLN) announced that its shareholders approved the issuance of shares of Olin common stock and an amendment to Olin's Amended and Restated Articles of Incorporation to increase the number of authorized shares of Olin common stock necessary to complete the pending merger with Dow Chemical Co.'s (DOW) U.S. Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses.

The transaction is still subject to customary closing conditions. The merger is expected to be completed early next month.

On March 27, Dow and Olin entered into a definitive agreement under which Dow will separate its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses, and then merge these businesses with Olin in a Reverse Morris Trust deal. The merger will result in Dow shareholders receiving at least a majority of the shares of Olin, with existing Olin shareholders owning the remaining shares.