Huntsman Corporation announced 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).
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