SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): May 11, 2000
THE DOW CHEMICAL COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-3433 38-1285128
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2030 Dow Center, Midland, Michigan 48674
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (517) 636-1000
Not applicable
(Former name or former address, if changed since last report.)
Item 5. Other Events
The Dow Chemical Company issued a press release on May 11,2000, the
text of which is as follows:
DOW DECLARES STOCK SPLIT AND
PLANS TO INCREASE DIVIDEND
Company declares 354th consecutive quarterly dividend
(MIDLAND, Mich.) - The Dow Chemical Company Board of Directors
today announced a three-for-one split of the company's common
stock, a cash dividend for the second quarter and future plans
for increasing the quarterly dividend by 15.5 percent. At the
company's 103rd Annual Meeting, stockholders approved a measure
to increase the number of authorized shares necessary for the
stock split.
"This stock split, combined with plans to increase the dividend
later this year, clearly underscores the Board's confidence in
Dow's long-term sustainable growth," said J. Pedro Reinhard,
executive vice president and chief financial officer. "Dow's
strong performance over the past several years - including the
fact that we have achieved several key financial goals -
reaffirms our belief that Dow stock is an outstanding
investment."
Details on each of the three board actions are as follows:
Stock split
On June 16, Dow stockholders will receive two additional shares
of stock for each share they own on the record date of May 23.
The receipt of additional shares as a result of a stock split is
not taxable to the company or to the stockholders under U.S. law.
The stock split will be effected in the form of a stock dividend.
Dow's last stock dividend was in 1989, with a three-for-two split
of the company's common stock.
The proposal to increase the number of authorized common shares
from 500 million to 1.5 billion was approved today by Dow's
stockholders. The outstanding shares will increase from
approximately 225 million to approximately 675 million. The par
value of $2.50 per common share remains unchanged.
Second quarter dividend
The Board declared a second quarter dividend of 29 cents per
share on the post-split common stock (equivalent to 87 cents per
share on a pre-split basis), payable July 28 to stockholders of
record on June 30. The annual dividend on a post-split basis is
$1.16, equivalent to $3.48 on a pre-split basis. This will be
the company's 354th consecutive quarterly dividend since 1912.
Dow has maintained or increased the dividend throughout that
time.
Plans for increasing the quarterly dividend
The company also announced plans to increase the quarterly
dividend by 15.5 percent in the third quarter. The dividend will
increase, on a post-split basis, from 29 cents per share to 33.5
cents. The new dividend rate will be $1.34 per share annually,
equivalent to an annual rate of $4.02 per share on a pre-split
basis.
Dow is a leading science and technology company that provides
innovative chemical, plastic and agricultural products and
services to many essential consumer markets. With annual sales of
$19 billion, Dow serves customers in 162 countries and a wide
range of markets that are vital to human progress, including
food, transportation, health and medicine, personal and home
care, and building and construction, among others. Committed to
the principles of sustainable development, Dow and its 39,000
employees seek to balance economic, environmental and social
responsibilities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
THE DOW CHEMICAL COMPANY
Registrant
/s/G. MICHAEL LYNCH
G. Michael Lynch
Vice President and Controller
Date: May 11, 2000
