Hexion increases bid for Huntsman by additional 75 cents

12-Jul-07

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.