Huntsman Corporation : Hexion Increases Offer for Huntsman Corporation to $28.00 Per Share
07/09/2007| 08:13am US/Eastern
Hexion Specialty Chemicals Inc., an Apollo Management L.P. portfolio
company, today announced that it has increased its definitive proposal
to acquire Huntsman Corporation (NYSE: HUN) to $28.00 per share, in cash
(transaction value $10.5 billion including debt), and has presented this
proposal to the Huntsman Board of Directors and its Transaction
Committee (comprised of independent Huntsman directors). The Huntsman
Transaction Committee and the Board had previously determined that Hexion's
proposal to acquire Huntsman for $27.25 per share, in cash constituted a
Superior Proposal under the terms of the current merger agreement
between Huntsman and Basell AF. Hexion's
proposal is otherwise subject to the terms previously disclosed by
Hexion and Huntsman. Until Huntsman's Board or Transaction Committee
takes further action pursuant to the terms of the Basell agreement, it
continues to recommend the transaction with Basell to its shareholders.
There can be no assurance that a transaction between Hexion and Huntsman
will be agreed. Any such transaction would be subject to regulatory
approvals and the affirmative vote of Huntsman's
shareholders, as well as other customary conditions. Hexion's
proposal is fully financed pursuant to commitments from affiliates of
Credit Suisse and Deutsche Bank.
About Hexion Specialty Chemicals, Inc.
Based in Columbus, Ohio (USA), Hexion Specialty Chemicals is the global
leader in thermoset resins. Hexion serves the global wood and industrial
markets through a broad range of thermoset technologies, specialty
products and technical support for customers in a diverse range of
applications and industries. Hexion had 2006 sales of $5.2 billion and
employs more than 7,000 associates. Additional information is available
About Apollo Management
Founded in 1990, Apollo is a recognized leader in private equity, debt
and capital markets investing. Since its inception, Apollo has
successfully invested over $16 billion in companies representing a wide
variety of industries, both in the U.S. and internationally. Apollo is
currently investing its sixth private equity fund, Apollo Investment
Fund VI, L.P., which along with related co-investment entities, has
approximately $12 billion of committed capital.
Safe Harbor Language
Statements contained in this press release may include "forward-looking
statements" about the Company's financial results under the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Act of 1934, as amended. Forward-looking
statements are based on our currently available financial, economic and
competitive data and on business plans. Actual results could vary
materially depending on risks and uncertainties that may affect the
company's operations, markets, services, prices and other factors as
discussed in our filings with the Securities and Exchange Commission.
These risks and uncertainties include, but are not limited to, economic,
competitive, legal, governmental and technological factors. There is no
assurance that the company's expectations will be realized. We undertake
no obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future developments
or otherwise, except as otherwise required by law.
Hexion Specialty Chemicals, Inc.
Director, Investor Relations
Verbinnen & Co
Anna Cordasco / Jonathan Gasthalter, 212-687-8080
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