The board of directors of American materials and ingredients firm DuPont have agreed to separate its Nutrition & Biosciences business with an exchange offer, or split-off, according to a recent company release. Under the terms of the deal, DuPont’s shareholders will be able to exchange its common stock for shares of Nutrition & Biosciences Inc. (N&B).

“DuPont’s management and board of directors believe the split-off enhances choice for DuPont’s stockholders and offers an attractive and efficient way for DuPont to retire shares,” Ed Breen, the executive chairman and chief executive officer of DuPont, said in a statement.

The company said it will announce terms when the exchange offer is launched. Shares of common N&B stock will be distributed to DuPont shareholders with a pro rata spin-off if the split-off is not completely subscribed.

Following the split-off, N&B will be combined with International Flavors & Fragrances (IFF) through a Reverse Morris Trust transaction, converting shares of N&B common stock into shares of IFF common stock.

DuPont expects the IFF & N&B combination to reach completion on February 1, 2021 following the completion of customary closing conditions.