Huntsman stockholders say yes to merger deal with Hexion

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Huntsman Corp. stockholders approved the company's merger with Hexion Specialty Chemicals, Inc. at a special meeting on Tuesday.

"We are pleased that our voting stockholders overwhelmingly agreed with the unanimous recommendation of our board of directors to vote in favor of adopting the merger agreement with Hexion," president and chief executive officer Peter Huntsman said in a company news release.

"We continue to work closely with Hexion to obtain the required regulatory approvals and look forward to completing this transaction."

Hexion, an affiliate of Apollo Management, LP, will acquire all of the outstanding common stock of Huntsman for $28 per share in cash. The per-share price will increase by 8% per year if the merger is not completed by April 6. The transaction is valued at $10.6 billion, including debt.

On Oct. 5, Huntsman and Hexion announced they had received a request for additional information on their proposed merger, known as a second request, from the Federal Trade Commission extending the Hart-Scott-Rodino waiting period by 30 days.

It was previously reported that Hunstman's board terminated a prior merger agreement with and paid a $200 million break-up fee to Basell AF after determining Hexion's proposal was superior.

Based in Columbus, Ohio, Hexion makes thermoset resins. Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.

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