Huntsman (HUN) Higher After Disclosing Potential Merger Investors
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Huntsman Corporation (NYSE: HUN) is 5% higher in after-hours trading after the company disclosed that it sent a letter to Hexion Specialty Chemicals and Apollo Management VI, L.P. requesting their consent to share Hexion confidential information with certain potential investors.
In Juny, Apollo's Hexion filed suit versus Huntsman to terminate their $10.6 billion merger. Huntsman was slammed on the news.
In the letter, Huntsman said, "We recently have been approached on an unsolicited basis by several financial investors that have expressed an interest in providing supplemental financing to Hexion in connection with our Merger. We seek your consent to our sharing Hexion confidential information and materials, particularly the Commitment Letter, dated July 11, 2007, between Hexion and Credit Suisse and Deutsche Bank, with the Potential Investors."
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