The fund suggested that the specialty products business, post-closing, could be split into as many as four public companies to ensure that each unit has a "clear and compelling investment case."

The U.S. Justice Department in June approved the $130 billion blockbuster Merger after a lengthy review, requiring some divestitures but not the extreme split-up the activists are seeking.

Specifically, the DOJ required that Dupont, officially E. I. du Pont de Nemours and Co., divest some of its crop protection portfolio.

It also required Dow to sell its global ethylene acrylic acid copolymers and ionomers business, which supplies products used in food and specialty packaging, adhesives, thermoplastic powder coatings, metal pipe coatings, wood plastic composites and molded durable and sporting goods.

In February 2016 Apollo Global Management LLC ( APO ) acquired ADT Corp. for $12.3 billion in cash and debt and merged it with Protection One Inc.