Dow to Acquire All Outstanding Mycogen Shares

MIDLAND, Mich., Aug. 31 /PRNewswire/ -- Dow AgroSciences LLC, a wholly owned
subsidiary of The Dow Chemical Company (NYSE: DOW), and Mycogen Corporation
(Nasdaq: MYCO) today announced that they have signed a definitive agreement for
Dow AgroSciences to acquire all of the outstanding shares of Mycogen that it
does not already own.

Dow AgroSciences currently owns approximately 68 percent of the outstanding
shares of Mycogen. Under the terms of the agreement, a subsidiary of Dow
AgroSciences will make a tender offer to acquire all of the remaining shares of
Mycogen at $28.00 per share. Following the tender offer, if Dow AgroSciences and
the subsidiary own at least 90 percent of Mycogen's shares, the Dow AgroSciences
subsidiary will be merged into Mycogen and each remaining Mycogen shareholder
will receive $28.00 per share in exchange for each Mycogen share held.

Mycogen Corporation, based in San Diego, Calif., is a diversified agribusiness
and biotechnology company that develops and markets seeds and value-added traits
for genetically enhanced crops and provides crop protection products and
services.

Dow AgroSciences, based in Indianapolis, Indiana, is a global leader in
providing pest management and biotechnology products that improve the quality
and quantity of the earth's food supply and contribute to the safety, health and
quality of life of the world's growing population. The company employs more than
3,000 people in over 50 countries and has worldwide sales of more than $2
billion.

The Dow Chemical Company with headquarters in Midland, Mich., is the fifth
largest chemical company in the world, with annual sales of more than $20
billion. Dow manufactures and supplies chemicals, plastics, and agricultural
products for customers in 164 countries, and employs approximately 43,000 people
worldwide.