Glenview Capital Management Supports Improvements in DowDuPont Spin-off Plans

NEW YORK–(BUSINESS WIRE)–Glenview Capital Management today issued the following statement
regarding the announcement by DowDuPont (NYSE: DWDP).

“We applaud today’s announcement and the strong process that led to
these significant improvements in the intended composition and
sequencing of the DowDuPont spinoffs. We thank the leadership of each
Company for utilizing an unbiased third party in McKinsey & Company and
for listening to the broad-based feedback from owners. Delivering these
enhancements to the spinoff process within days of the creation of
DowDuPont is an important first step in establishing premier governance
principles befitting the history of these two franchises.

As a next step, we look forward to the board’s study of capital
structure and capital allocation policy. Since management will likely be
fully engrossed in achieving operational synergies and internally
reorganizing under the new tri-company structure, it is unlikely that
the strong free cash flow of the combined entity would be used to
support material acquisitions in the intermediate term. As we believe
DowDuPont remains significantly undervalued relative to the sum of its
parts, we recommend the board adopt a meaningful share repurchase
program promptly to reduce the overall cost of capital and to drive
long-term shareholder value.”

About Glenview Capital Management

Launched in 2001, Glenview Capital Management is a private investment
management firm with more than $11 billion in capital under management.
Glenview has been a Dow shareholder since 2014, currently owns 0.74% of
DowDuPont valued at approximately $1.2 billion and received clearance
under the Hart-Scott-Rodino Act to actively pursue avenues to drive
value for all shareholders in the newly combined entity.

Contacts

Media:
Prosek Partners
Mark LaVoie, 212-279-3115 ext.
233
[email protected]