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Apollo Launches $10.4 Billion Bid for Huntsman

10:05 AM MDT | July 11, 2007 | Robert Westervelt

Private equity firm Apollo Management (New York) launched a $10.4 billion, or $27.25/share, bid to acquire Huntsman last week, topping Basell’s June 29 offer to buy the company for $9.6 billion, or $25.25/share. Apollo made the bid through its Hexion Specialty Chemicals subsidiary. Huntsman: A ‘tribute’ to accomplishments. Huntsman’s agreement with Bassell allows it to terminate the deal if a “superior proposal” is received. Huntsman says its decision on which bid to accept “will take into account any changes to the...

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