Court Won't Let Hexion Out Of $6.5B Huntsman Deal

Law360, New York (September 30, 2008, 12:00 AM EDT) -- A judge in Delaware has ruled against Apollo Management LP and Hexion Specialty Chemicals Inc. in a case in which Hexion sought to get out of a July 2007 agreement to pay $6.5 billion to acquire chemical products maker Huntsman Corp.

Vice Chancellor Stephen P. Lamb of the Delaware Chancery Court handed down an 89-page ruling holding that Huntsman had not suffered a material adverse effect as defined in the merger agreement (which could have excused the buyer from its obligation to close) and that Hexion...
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