Mycogen Shares Rise on News of Sale to Dow

Mycogen Corp.’s shares rose about 38% after Dow Chemical Co., the world’s fifth-largest chemical company, said it would buy the 32% of Mycogen it doesn’t already own for $322 million in a bid to compete better in the market for genetically engineered crops. San Diego-based Mycogen’s shares rose $7.50 to close at $27.50 on Nasdaq. Earlier, the shares touched $27.63, a 52-week high. Dow AgroSciences, a Dow Chemical subsidiary, will make a tender offer at $28 a share for the remaining 32% of Mycogen, a seed developer. The offer tops Dow’s $20.50-a-share offer made in April. Mycogen shareholders have until Oct. 2 to accept Dow’s offer, said Dow spokesman Doug Draper. Shares of Midland, Mich.-based Dow Chemical rose $1.19 to close at $79.19 on the NYSE.