Huntsman (HUN) Notes Shareholder Offers $500M Toward Hexion Merger Close; Family Plans To Provide Portion
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Huntsman Corporation (NYSE: HUN) received notice of an independent shareholder initiative to invest at least $500 million in Hexion on the closing of the merger between Hexion and Huntsman Corporation. The Huntsman family has indicated its expectation to join the shareholder initiative by providing a portion of the $500 million.
Hunstaman said, "As previously stated, Huntsman's shareholders are entitled to their $28 per share and 8% ticking fee. We are gratified by the confidence in the merged company expressed in this shareholder initiative. However, Huntsman management firmly believes that the combination of Hexion and Huntsman Corporation will be solvent."
In June, Apollo Management's Hexion Specialty Chemicals filed suit in the Delaware Court of Chancery alleging its $10.6 billion merger agreement with Huntsman is no longer viable.
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