In Hexion, Rare Guidance On 'Material Adverse Effect'

Law360, New York (October 1, 2008, 12:00 AM EDT) -- On Sep. 29, 2008, Vice Chancellor Stephen P. Lamb of the Delaware Court of Chancery issued his highly-anticipated decision in the litigation filed by Hexion Specialty Chemicals Inc. seeking to terminate its obligation to consummate the $10.6 billion merger through which it planned to acquire Huntsman Corporation, a Salt Lake City-based specialty chemical manufacturer. See Hexion Specialty Chemicals Inc. v. Huntsman Corp., C.A. No. 3841-VCL, slip op. (Del. Ch. Sep. 29, 2008).

The decision follows a rare trial to determine whether a potential purchaser may opt...
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