Bear Put Spread. Rohm and Haas (ROH, news, chart, volatility) is down 65 cents to $70.54 and January puts are seeing some activity after an investor bought the 65/55 put spread 2,000 times for $1.90. With significant existing open interest in both contracts, the activity is possibly closing. Or, it is perhaps hedging on concerns about Dow Chemical’s (DOW) acquition of the company. Monday, Dow said the deal was on track to close in early 09. On November 26, ROH sank after EU anti-trust watchdogs extended the review of the deal. At $70.54, shares of Rohm and Haas are trading significantly (9.6 percent) below the takeover offer of $78, which reflects uncertainty as well. Yesterday, ROH calls were active, as players were seen opening new short positions in January 80 calls.