Albemarle Corporation and Sorbent Technologies Sign Agreement of Merger

09-Jun-2008

Albemarle Corporation and Sorbent Technologies Corporation jointly announced that they have signed an agreement of merger. The transaction will be an all-cash transaction in which the shareholders of Sorbent Technologies could receive approximately $6.00 per share of common stock, which represents an aggregate purchase price of $20 million plus certain adjustments. The completion of the transaction is subject to certain typical conditions, including Sorbent Technologies receiving shareholder approval. Sorbent expects to hold a special meeting of shareholders in early July 2008 and close the merger shortly thereafter.

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