Hexion Extends Merger Agreement as Previously Announced
April 07 2008 - 9:00AM
PR Newswire (US)
THE WOODLANDS, Texas, April 7, 2008 /PRNewswire-FirstCall/ --
Huntsman Corporation (NYSE:HUN) ("Huntsman") announced today that
Hexion Specialty Chemicals, Inc. ("Hexion") has exercised its right
to extend the Termination Date under the Merger Agreement by ninety
days, from April 5th to July 4th, 2008. Huntsman had previously
announced on January 26, 2008, that it had received notice of
Hexion's intention to extend the Merger Agreement, in connection
with the parties' agreement with the Federal Trade Commission
("FTC") to allow the FTC additional time to review the proposed
merger. Huntsman and Hexion continue to work with the FTC and
regulatory agencies in other jurisdictions, including the European
Union, to obtain the required approvals. Under the terms of the
Merger Agreement the $28.00 per common share cash price to be paid
by Hexion upon completion of the merger will be increased at the
rate of 8% per annum beginning on April 5, 2008 (less any dividends
declared or paid on or after April 5th). About Huntsman: Huntsman
is a global manufacturer and marketer of differentiated chemicals.
Its operating companies manufacture products for a variety of
global industries, including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care, detergent, personal care,
furniture, appliances and packaging. Originally known for
pioneering innovations in packaging and, later, for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000
employees and operates from multiple locations worldwide. The
Company had 2007 revenues of approximately $10 billion. For more
information, please visit the company's website at
http://www.huntsman.com/. Forward Looking Statements: Statements in
this release that are not historical are forward-looking
statements. These statements are based on management's current
beliefs and expectations. The forward-looking statements in this
release are subject to uncertainty and changes in circumstances and
involve risks and uncertainties that may affect the company's
operations, markets, products, services, prices and other factors
as discussed in the Huntsman companies' filings with the U.S.
Securities and Exchange Commission. Significant risks and
uncertainties may relate to, but are not limited to, financial,
economic, competitive, environmental, political, legal, regulatory
and technological factors. In addition, the completion of any
transaction described in this release is subject to a number of
uncertainties and closing will be subject to approvals and other
customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or that the company's
expectations will be realized. The company assumes no obligation to
provide revisions to any forward-looking statements should
circumstances change, except as otherwise required by applicable
laws. Additional Information and Where to Find It: In connection
with the proposed merger, the Company has filed a definitive proxy
statement with the Securities and Exchange Commission (the "SEC"),
which definitive proxy statement has been mailed to its
stockholders. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ
THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
MERGER AND THE PARTIES TO THE MERGER. Investors and security
holders may obtain a free copy of the definitive proxy statement
and other relevant documents filed with the SEC from the SEC's
website at http://www.sec.gov/. The Company's security holders and
other interested parties will also be able to obtain, without
charge, a copy of the proxy statement and other relevant documents
by directing a request by mail or telephone to Huntsman Corporation
Investor Relations, 500 Huntsman Way, Salt Lake City, Utah 84108,
telephone: (801) 584-5700 or on the company's website at
http://www.huntsman.com/. DATASOURCE: Huntsman Corporation CONTACT:
Media, Russ Stolle, +1-281-719-6624, or Investors, John Heskett,
+1-801-584-5768, both of Huntsman Corporation Web site:
http://www.huntsman.com/
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