Dow Postpones Investor Meeting and Shares Surge
Dow Chemical shares surged today after it postponed an institutional investors meeting scheduled for November 6 and 7, fueling speculation that a major transaction could be imminent. Dow shares gained 3.8%, to close at $46.50/share on October 12. The shares had traded flat most of this morning, and posted the gain after the announcement was made early this afternoon.
“As we move ahead with our transformational strategy, making solid progress on several fronts, we continue to explore a number of exciting opportunities to deliver long-term value to Dow shareholders,” Dow says in an e-mail to investors regarding the postponement. “Within a few months, we will re-schedule a meeting that offers valuable insight to the company’s strategic direction, affords a rich opportunity for meaningful dialogue, and ensures we make the best possible use of everyone’s time.”