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...The attempt by Hexion, the industrial company owned by Apollo, to use a MAC to walk away from its 2007 deal to buy Huntsman in the midst of the financial crisis was also unsuccessful....
...Judge Stephen Lamb ruled late on Monday that Huntsman’s business had not been damaged to the point where Hexion could abandon the deal, and said Hexion would be held accountable for the takeover agreement...
...Traders who estimated that the share price of Huntsman would drop to the mid-teens if its takeover by Hexion Specialty Chemicals failed, for example, have been slammed by a drop in the stock below $7 as...
...Apollo and its Hexion Specialty Chemicals sued Huntsman in Delaware last week over what they claimed were weak financial results that could make the combined Hexion and Huntsman insolvent....
...Hexion and Huntsman insolvent....
...Hexion says Huntsman’s business has suffered a “material adverse change” that should scuttle the contract, a charge Huntsman, which is suing for more than $3bn, denies....
.... - Huntsman announced late on Tuesday that it had received a rival proposal from Hexion Specialty Chemicals, owned by an affiliate of Apollo Management, for $27.25 per share in cash....
...Huntsman, with revenues of $10.6bn in 2006, said it was in talks with Hexion after concluding its proposal could lead to a superior offer....
...Hexion, a US chemicals group controlled by Apollo Management, is offering $27.25 a share for Huntsman, an 8 per cent premium to the deal agreed with Basell’s parent, Access Industries....
...Huntsman, the chemicals maker, agreed to be bought for $6.5bn by Apollo Management’s Hexion Specialty Chemicals. That trumped a $5.6bn bid by Basell. Huntsman fell 5.4 per cent to $26.49....
...Hexion, the chemicals group controlled by Apollo Management, broke up Basell’s effort to diversify its commodity-based business with a $6.5bn offer....
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