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Hexion Rejects Huntsman Shareholder Plan to Salvage Buyout

9:16 AM MDT | August 29, 2008 | Kara Sissell

Hexion Specialty Chemical has rejected a Huntsman shareholder plan to salvage Hexion’s proposed acquisition of Huntsman. Hedge funds Citadel Investment Group, D.E. Shaw & Co., MatlinPatterson Global Advisers, and Pentwater Growth Fund, all shareholders in Huntsman, recently proposed a $500 million in financing to encourage Hexion to go through with the acquisition. However, Hexion says it has no interest in a revised buyout terms. “We are not seeking to renegotiate this transaction. We are seeking to terminate it and obtain judicial confirmation...

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