DealZone

(Updates with Dow comment)

Is Dow’s refusal to close its acquisition of Rohm and Haas just a play for more time? The company has yet to lay out a legal defense, but in a series of interviews yesterday Dow CEO Andrew Liveris said the the company was working to revise its bank financing for the deal and was also looking for new partners to replace Kuwait in a failed joint venture it had planned to use to help fund the Rohm deal.

Moreover, in its complaint against Dow filed with the Delaware Court of Chancery, Rohm says that  Liveris repeatedly asked for an extension until June 30 to decide whether to close the deal and also alleges that he lobbied for a delay in FTC clearance of the deal.

And yesterday, Delaware Chancellor William Chandler said Dow had argued that the trial in the matter should be delayed until late March or early April. Unfortunately for Dow, Chandler disagreed and set a date for the trial for March 9.

One reason Dow might be looking to delay the trial? Lawyers argue that the merger agreement favors Rohm and Haas’ case.

“At the end of the day, the facts win cases,” said Howard Berkower, a partner at law firm McCarter & English. “And Rohm and Haas has a good hand.”

Still, Berkower said there’s more than a month even until the court case is heard.

“That’s a lot that could happen in that time,” he said, noting that parties in cases like this more often than not find common ground for a settlement.

Dow, in an emailed statement, said it will be filing its answer to Rohm’s complaint next week.

“We appreciate the judge setting the case for trial and look forward to setting out Dow Chemical’s position on the merits,” Dow said.