Eastman to Acquire Solutia for $4.7 Billion

Eastman Chemical has agreed to acquire Solutia for $4.7 billion in cash and stock, a move that lifts Eastman near $10 billion in annual revenue and enhances its position in specialty chemicals and Asia. Solutia shareholders will receive $22/share in cash and 0.12 shares of Eastman common stock for each share of Solutia. The deal values Solutia at $27.65/share, a premium of 42% based on its closing price on January 26th, the day before the deal was announced. Eastman is paying a multiple of 9 times Solutia’s 2011 Ebitda. The deal is expected to close in...

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