Steve Cohen’s Point72 Bullish On Olin Corporation (OLN) & Raises Stake To 6.4%

Dow’s shareholders will receive approximately 80.6 million shares of Olin’s common stock, representing approximately 50.5% of the outstanding shares of Olin’s common stock, with the existing Olin shareholders owning the remaining approximately 49.5%. In addition to the Olin stock, Dow will receive about $2.0 billion of cash and cash equivalents, while Olin will assume about $800 million of pension and other liabilities. The deal is subject to approval by Olin shareholders and completion of customary closing conditions. The transaction is expected to be closed by the end of this year.

For the first quarter of 2015, Olin Corporation (NYSE:OLN)’s net income slipped to $13.1 million, or $0.17 per diluted share, versus $29.5 million, or $0.37 per diluted share, in the same period last year. The company reported a decrease in its quarterly sales to $518.0 million, versus $577.4 million in the same period last year. Shares of the company have increased by 10.16% year-to-date (YTD).

Other shareholders of Olin Corporation (NYSE:OLN) include Anand Parekh’s Alyeska Investment Group and Israel Englander’s Millennium Management, according to our record. Alyeska holds 636,895 shares, while Millennium owns 609,923 shares of the company as of the end of the first quarter.

Disclosure: none