Mycogen, DowElanco deal

MYCO's board approved DowElanco's purchase of up to $75 million of restricted MYCO shares. The share price will be determined by the average daily closing prices of MYCO common stock for the 90 trading days prior to the investment.

DowElanco owns 18.1 million shares, or 57.5 percent of MYCO. Using current MYCO prices, DowElanco would own about 61 percent of MYCO if it invests the entire $75 million. Because the shares are restricted, the new investment will not count toward the ownership thresholds established between the two companies. DowElanco has the right to purchase up to 60 percent of MYCO through February 1998, and up to 65 percent through February 1999. ...