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Apollo sweetens offer for Huntsman

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

July 9 2007: 9:56 AM EDT

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.

Huntsman hunted by private equity

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.

Huntsman shares bubble on rival bid

Trouble ahead for private equity sellers

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