Solutia Stockholders Approve $5B Eastman Chemical Merger

Law360, New York (June 29, 2012, 5:54 PM EDT) -- Specialty chemical maker Solutia Inc.'s shareholders have voted to approve a $4.7 billion takeover bid from Eastman Chemical Co., Solutia announced Friday, clearing the way for Eastman to capitalize on recent growth in China's automotive and consumer industries.

In connection with the agreement, each stockholder will receive $22 and 0.12 shares of Eastman common stock for each share of Solutia common stock, adding up to about $3.4 billion, with Solutia's $1.3 billion debt rounding out the deal.

The approval comes after four shareholders unsuccessfully lodged putative...
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