Hexion Specialty Chemicals to acquire Huntsman Corporation

Citation

(2008), "Hexion Specialty Chemicals to acquire Huntsman Corporation", Pigment & Resin Technology, Vol. 37 No. 1. https://doi.org/10.1108/prt.2008.12937aab.017

Hexion Specialty Chemicals to acquire Huntsman Corporation

Industry news

Hexion Specialty Chemicals to acquire Huntsman Corporation

Hexion Specialty Chemicals Inc. announced the signing of a definitive agreement to acquire Huntsman Corporation in an all-cash transaction valued at approximately $10.6 billion, including the assumption of debt. Under the terms of the agreement, Huntsman stockholders will receive $28.00 in cash for each outstanding Huntsman share of common stock. The Huntsman Board of Directors, based on the recommendation of a Transaction Committee of independent, non- management directors, has unanimously approved the agreement and has recommended that Huntsman stockholders vote in favor of the agreement. Huntsman has terminated its previous merger agreement with Basell AF. The agreement also provides that the cash price per share to be paid by Hexion will increase at the rate of 8 percent per annum (inclusive of any dividends paid) beginning 270 days from July 12, 2007.