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(Reuters) -Industrial materials maker DuPont is in advanced talks to buy engineering materials maker Rogers Corp for about $5 billion, Bloomberg News reported on Monday, citing a person familiar with the matter.
DuPont’s offer of $275 a share as per the report https://www.bloomberg.com/news/articles/2021-11-02/dupont-is-said-to-offer-about-275-a-share-for-rogers-corp?srnd=technology-vp&sref=vEQJzSks would be at a premium of 32% to Rogers’ last close, which gives it a current market value of about $3.9 billion.
The deal is in line with DuPont’s aim to expand its portfolio of advanced electronic materials used in areas such as smart and autonomous vehicles and fifth-generation telecommunications.
In March, DuPont struck a deal to buy Laird Performance Materials for $2.3 billion.
Arizona-headquartered Rogers manufactures advanced electronic materials used in electric vehicles, according to its website.
A deal could be announced as soon as Tuesday when DuPont reports its third-quarter results, according to Bloomberg News.
DuPont also plans to review alternatives for its unit specializing in materials used in the automotive industry, according https://www.wsj.com/articles/dupont-plans-moves-that-would-remake-chemicals-company-11635812224?mod=latest_headlines to the Wall Street Journal, which earlier reported the company’s discussions with Rogers.
Both companies did not immediately respond to Reuters requests for comment.
(Reporting by Jahnavi Nidumolu and Radhika Anilkumar in Bengaluru; Editing by Ramakrishnan M.)