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Former Dow Execs Admit to 'Unauthorized' Buyout Talks (Update)

1:22 PM MDT | June 4, 2008 | Michelle Bryner

Dow Chemical says that former executives Pedro Reinhard and Romeo Kreinberg have admitted to participating in unauthorized discussions regarding a leveraged buyout (LBO) of Dow. The acknowledgement ends the yearlong legal dispute between the two parties (CW, Apr. 18, 2007). Financial details were not disclosed. “I am extremely pleased that this disappointing chapter in Dow’s history has been closed and that the Board’s swift and decisive response in April last year has been vindicated," says Dow chairman and CEO Andrew Liveris...

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