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FTC Extends Review of Hexion-Huntsman Deal

3:23 PM MST | February 4, 2008 | Kerri Walsh

The U.S. Federal Trade Commission (FTC) says it needs more time to review Hexion’s proposed merger with Huntsman. The merger, as a result, is not expected to close before May 3, the companies say. Hexion says it has given notice to Huntsman that on April 5 it will exercise an option to extend the termination date for 90 days, making the last possible termination date under the merger agreement July 4. Hexion will have to pay Huntsman an 8% premium to its $28/share offer price if the merger occurs after April 5, under terms of the deal. Hexion will pay...

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