THE WOODLANDS, Texas (AP) — Huntsman Corp. said Tuesday its shareholders approved the chemicals maker's $6.5 billion buyout by an Apollo Management LP affiliate.
Under the terms of the merger agreement, Apollo will acquire Huntsman for $28 per share in cash through its Hexion Specialty Chemicals Inc. unit.
Huntsman's board had unanimously recommended that shareholders approve the deal.
The transaction remains subject to customary closing conditions, including regulatory approval in the U.S. and Europe.
In July when the proposed buyout was announced, Huntsman president and CEO Peter Huntsman acknowledged that a Huntsman-Hexion combination likely will face antitrust scrutiny due to the overlap between the two chemical businesses.
If the deal does not close by April 6, Hexion has agreed to raise its offer by an annual rate of 8 percent.
Before receiving Apollo's bid, Huntsman had previously accepted an offer of $5.6 billion, or $25.25 per share, from Dutch manufacturer Basell AF.
Huntsman paid a $200 million breakup fee to cancel the Basell deal. Hexion has agreed to reimburse half of the fee.