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Banking, finance, and taxes

The Huntsman Merger Lives (HUN)

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By Douglas A. McIntyre Updated Published
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Huntsman_logoHuntsman Corp. (NYSE: HUN) is seeing explosive trading in its stock this morning before the open.  It appears that the private equity merger which was called off, then ruled as an improper break-up, may have some extra life to it after all.  Hexion Specialty Chemicals has announced that it is proceeding to seek to close its merger with Huntsman.

Affiliates of Apollo Management have agreed to make a capitalcontribution of $540 million to Hexion to assist in this merger. Thenew capital contribution is to help Hexion in addressing the issuesraised in the decision last week by the Delaware Chancery Court in thepending merger.

Apollo Management has also informed Hexion that it will waive itscontractual right to a transaction fee in connection with this merger.Apollo will also suspend its ongoing monitoring fees from Hexion for aperiod of three years.

Huntsman shares are up a massive 38% at $12.60 in very active pre-market trading.

Jon C. Ogg
October 9, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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