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Exhibit 99
ROHM AND HAAS BOARD OF DIRECTORS APPROVES DIVIDEND
AND ADOPTS SHAREHOLDER RIGHTS PLAN
Philadelphia, PA, October 19, 2000 - Rohm and Haas Company's (NYSE:ROH) Board of
Directors today voted to approve a regular quarterly dividend and to adopt a
shareholder rights plan.
The dividend of $.20 per share will be payable on December 1, 2000, to
shareholders of record on November 3, 2000.
The shareholder rights plan is similar to those adopted in recent years by many
public companies. According to Gail Granoff, Corporate Secretary, the plan is
intended to safeguard the interest of the company's stockholders if an effort is
made to acquire the company at a price that does not reflect its fair value.
As part of this plan, the board declared a dividend of one preferred stock
purchase right for each outstanding share of Rohm and Haas common stock. In the
event that any one person acquires 15 percent or more of the outstanding shares
of common stock, each holder of a right (other than the acquirer) is entitled to
receive a number of shares of Rohm and Haas common stock with a market value
equal to two times the exercise price, or $300.00.
The distribution of rights will be made on November 3, 2000, to stockholders of
record at the close of business on that day. The rights will expire on December
1, 2010. This distribution is not taxable to stockholders.
Rohm and Haas will be issuing its third quarter earnings release on Monday,
October 23rd, after the stock market closes. The company expects its performance
for the period to be in line with the current financial analyst estimates.
Rohm and Haas will hold an open teleconference on Tuesday, October 24th at 11:00
a.m. EDT to discuss this quarter's financial performance. Interested
participants in the U.S. are invited to dial 800-446-2782; International callers
should dial 847-413-3235. The call also will be broadcast live on the
"investors" portion of the Rohm and Haas website at www.rohmhaas.com.
This release includes forward-looking statements, which are based on current
expectations and are therefore subject to risks and uncertainties. Going
forward, actual results may vary. Factors that could affect financial
performance include variations in raw material costs, changes in customer
demand, currency fluctuations, weather-related influences, and changes in
economic conditions.
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EDITORS' NOTE: Rohm and Haas is a $7 billion specialty chemical company whose
products consistently improve the quality of life for people around the world.
Rohm and Haas technology is found in paints and coatings, adhesives and
sealants, household and personal care products, personal computers and
electronic components, and construction materials. It also helps bring food to
the table - fruits and vegetables - and salt, an essential ingredient for life.
Contact: Laura L. Hadden - Manager, Business and Financial Communications
Tel: 215-592-3054
Email: [email protected]
