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BRIEF-Third Point says issues new DowDuPont board must consider include capital structure, optimal cost of capital

May 24 Third point LLC:

* Issues DowDuPont board must consider post deal-close include capital structure, optimal cost of capital - presentation

* Says issues DowDuPont board must consider post deal-close also include new cost reduction goals in light of planned portfolio review

* Says DowDuPont board must consider, post deal-close, whether 3 spin-off companies are "appropriate"

* Says offering structural solutions that could create about $20 billion of additional value compared to status quo in Dow & DuPont merger

* Says DowDuPont board must consider, post deal-close, if creation of additional companies or divestitures would "enhance shareholder value"

* Third point, on DowDuPont, says believes Specialty Products could be split into as many as 4 public cos to ensure each "Spin Co" has "compelling" invesment case

* Says reconfiguration of dowdupont portfolio should yield cost reduction opportunities that are incremental to announced synergies of $3 billion

* Third point, on DowDuPont, says new board will need to evaluate whether dividends, special dividends or buybacks provide the "most value" to shareholders

* Says to optimize cost of capital, estimate DowDuPont board will need to return nearly $40 billion of excess capital to shareholders in 24 months post closing

* Third point, on DowDuPont, says shareholders proposal recommends moving several businesses from material science to speciality products Source text (bit.ly/2qgAXe3) Further company coverage:

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