Hexion increases bid for Huntsman by additional 75 cents

Hexion Specialty Chemicals, owned by private equity firm Apollo Management, has increased its bid for Huntsman Corporation by adding 75 cents per share, hiking its offer from US$27.25 per share to US$28.00. Earlier last week, Hexion overtook the US$25.25 per-share bid made by polyolefins major Basell. The new offer has been presented to the Huntsman Board of Directors and its Transaction Committee. The Huntsman board has already judged the $27.25 per share offer to be superior to the one from Basell, which is owned by Len Blavatnik's Access Industries.
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