Banking, finance, and taxes
The Huntsman Merger Lives (HUN)
Published:
Last Updated:
Huntsman Corp. (NYSE: HUN) is seeing explosive trading in its stock this morning before the open. It appears that the private equity merger which was called off, then ruled as an improper break-up, may have some extra life to it after all. Hexion Specialty Chemicals has announced that it is proceeding to seek to close its merger with Huntsman.
Affiliates of Apollo Management have agreed to make a capitalcontribution of $540 million to Hexion to assist in this merger. Thenew capital contribution is to help Hexion in addressing the issuesraised in the decision last week by the Delaware Chancery Court in thepending merger.
Apollo Management has also informed Hexion that it will waive itscontractual right to a transaction fee in connection with this merger.Apollo will also suspend its ongoing monitoring fees from Hexion for aperiod of three years.
Huntsman shares are up a massive 38% at $12.60 in very active pre-market trading.
Jon C. Ogg
October 9, 2008
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
