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

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.