Market Updates
Huntsman Receives $6.1 B Offer
Elena
05 Jul, 2007
New York City
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The offer exceeds a previously agreed deal with Dutch group Basell. Apollo division Hexion Specialty Chemicals offered $27.25 a share in cash for Huntsman, representing an 8% premium to an offer of $25.25 a share, or $5.6 billion, from Basell.
[R]Huntsman Corp. received a $6.1 billion offer from Apollo Management.[/R]
Huntsman Corp. ((HUN)), U.S. chemicals group, announced that it received an acquisition bid worth $6.1 billion from private-equity firm Apollo Management. The offer exceeds a previously agreed deal with Dutch group Basell. Apollo division Hexion Specialty Chemicals offered $27.25 a share in cash for Huntsman, representing an 8% premium to an offer of $25.25 a share, or $5.6 billion, from Basell.
In June, Huntsman agreed to the deal with privately owned Dutch group Basell. Including assumed debt, the Basell offer was worth around $9.6 billion. The deal can be terminated provided a better offer is received. If the deal with Basell is terminated, the Dutch group will be entitled to a $200 million break-up fee.
Under the terms of the agreement, Huntsman would receive a $325 million fee if Hexion failed to get regulatory approval or secure financing for the deal. Similarly, Huntsman would have to pay a $225 million fee to Hexion if it terminated the deal.
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