Hexion Specialty Chemicals Confirms Proposal to Acquire Huntsman Corporation for $27.25 Per Share in Cash
Hexion specialty chemicals Inc., an Apollo Management L.P. portfolio company, announced that it has made a definitive proposal to the Transaction Committee of the Board of Directors of Huntsman Corporation to acquire the Company for $10.4 billion (including refinanced debt), or $27.25 per share, in cash. The offer represents a premium of approximately 8% over Basell's previously announced agreement to acquire Huntsman for $25.25 per share and includes an 8% per annum increase (net of Huntsman dividends) in the event that the transaction requires more than 9 months to complete.
Hexion's proposal is subject to a customary merger agreement, which has been submitted to Huntsman's Transaction Committee together with Hexion's offer. The transaction would be subject to regulatory approvals and the affirmative vote of Huntsman shareholders. The proposal is fully financed pursuant to commitments from Credit Suisse and Deutsche Bank.
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