Abstract
HUNTSMAN CORP. has agreed to be acquired for the second time in three weeks. The company is accepting a $10.6 billion takeover bid from thermoset resin maker Hexion Specialty Chemicals, which is backed by private equity firm Apollo Management. Hexion's offer, delivered in a one-two punch, successfully overturned a June 26 merger agreement, worth $9.6 billion, with polyolefms maker Basell, owned by the private industrial group Access Industries. On July 3, Hexion offered $27.25 per share for Huntsman, beating Basell's $25.25-per-share price. Even after the transaction committee of Huntsman's board of directors declared the Hexion bid superior to its previous agreement with Basell, Hexion sweetened its own proposal with a $28.oo-per-share offer. The Huntsman family and private equity firm Matlin Patterson, which collectively own 57% of Huntsman's shares, have agreed to the deal. It values Huntsman's stock at $6.5 billion and includes about $4 billion in debt. The deal will mark the end of the road ...
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