Hexion to acquire Huntsman's outstanding common stock
29 Oct '07
1 min read
Peter R. Huntsman, President and CEO of Huntsman Corporation announced that, at a special meeting held earlier in the day, the company's stockholders voted to approve the merger agreement with Hexion Specialty Chemicals Inc.
“We are pleased that our voting stockholders overwhelmingly agreed with the unanimous recommendation of our board of directors to vote in favor of adopting the merger agreement with Hexion,” said Peter Huntsman.
Under the terms of the merger agreement, Hexion will acquire all of the outstanding common stock of Huntsman.
The agreement also provides that the cash price per share to be paid by Hexion will increase at the rate of 8% per annum (inclusive of any dividends paid) beginning April 6, 2008, if the merger has not occurred prior to such date.
The transaction remains subject to customary closing conditions, including regulatory approval in the U.S. and Europe.
“We continue to work closely with Hexion to obtain the required regulatory approvals and look forward to completing this transaction,” said Peter Huntsman.
marketing@alchempro.com
