MIDDLEBURY, Conn. (AP) -- Chemtura Corp. said Thursday it has decided to remain as a stand-alone company after failing to attract a strong enough bid during a six-month review of strategic alternatives.
The chemical maker began reviewing a possible sale, merger or other combination in December, but said its board has since ended all such talks "after determining that such discussions are unlikely at this time to result in an offer at a sufficiently attractive price."
The company and financial adviser Merrill Lynch & Co. will continue to consider other options, including divestitures, acquisitions, joint ventures and changes in the company's capital structure, such as a stock buyback.
Private equity firms Blackstone Group LP and Apollo Management LP were reported to be interested in buying the Middlebury, Conn., company. Financing such a large acquisition would have been difficult, however, given tightness in the credit market.