Huntsman Stockholders Approve Merger With Hexion
Tuesday October 16, 12:17 pm ET
THE WOODLANDS, Texas, Oct. 16 /PRNewswire-FirstCall/ -- Peter R. Huntsman, President and CEO of Huntsman Corporation, today 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. (Hexion).
"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 for $28.00 per share in cash. 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.
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2006 revenues of over $13 billion.
Source: Huntsman Corporation
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