Dow Chemical surges on buyout rumor
Shares of Dow Chemical Co. rose to a new 52-week high last Monday after a British tabloid reported the chemicals maker may be on the verge of selling itself to a group of private equity investors for $54 billion, the Associated Press reports. The tabloid, the Daily Express, reported private equity firms Kohlberg Kravis Roberts, Blackstone Group and Carlyle Group, are considering a $60-per-share offer for Dow Chemical. With $49.12 billion in sales last year, Midland, Mich.-based Dow Chemical makes about 3,500 chemicals and plastics used to manufacture a wide range of products including cars, electronics, food and appliances. Dow Chemical''s market value as of Friday''s close was $41.25 billion. The reported offer represents a 38.1 percent premium to Dow Chemical''s stock, based on Friday''s closing price.