Apollo sweetens offer for Huntsman

The private equity firm's Hexion Specialty Chemicals portfolio company boosted its bid to $28 a share.

NEW YORK (CNNMoney.com) -- The Hexion Specialty Chemicals group of private equity firm Apollo Management has sweetened its offer for chemical company Huntsman by 75 cents a share to $28, the firm announced Monday morning.

The deal is worth $10.5 billion Including debt. The Huntsman board had previously determined that a $27.25 per share bid by Hexion was superior to a company's merger deal with Basell AF.

Dutch-based Basell, which is controlled by U.S. industrial group Access Industries, agreed last month to buy Huntsman for $25.25 per share, or $9.6 billion including debt.

The deal with Hexion is subject to regulatory and shareholder approvals as well as other customary conditions.  Top of page