Why Rogers Stock Tanked Again on Thursday
Materials technology specialist Rogers Corporation (NYSE: ROG) was a dog of a stock for the second straight day on Thursday. A day after its share price plunged following the cancellation of a big-ticket merger, it again obeyed gravity by declining an additional 14%-plus.
Investors really get their hopes up when their company is courted by a larger, more deep-pocketed peer. That was the case with Rogers, which was set to be absorbed by chemical industry bellwether DuPont (NYSE: DD) in a $5.2 billion deal that would have valued Rogers at $277 per share -- nearly 50% above its share price at that point.
Those hopes were dashed on Tuesday after market hours when DuPont announced it was pulling out of the arrangement due to the inability "to obtain timely clearance from all the required regulators" (China, specifically).
Source Fool.com
