Abstract
Sterling Chemicals—a Houston-based company that put itself on the block in January—has reached a definitive agreement to sell the company to two investment banking firms. The deal could spark a bidding war with Huntsman Corp., another potential purchaser. The two firms are Sterling Group, also based in Houston, and the Unicorn Group of Cranford, N.J. They are offering shareholders $12 per share in cash or in a combination of cash and securities, in a deal worth a total of at least $668 million. At press time, C&EN was unable to obtain an explanation from Sterling Chemicals, Sterling Group, or Unicorn as to why this offer is superior to a $12-per-share bid for Sterling Chemicals made April 15 by Salt Lake City-based Huntsman. Indeed, Jon M. Huntsman, chairman and chief executive officer of Huntsman, complains that Sterling Chemicals did not allow his company to perform a due diligence review of Sterling Chemicals' books that was set ...
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