A lawsuit has been filed and is seeking class action status claiming the chemical manufacturer entered into a sales deal that was too low and was not in the best interests of shareholders. The Plumbers and Pipefitters Local 51 pension fund claims Lyondell Chemical Co. and its board could have done more to find a better purchasing price, but instead rushed to accept an offer by Dutch chemical company Basell Holdings. The lawsuit was filed in Texas State District Court in Harris County on behalf of Lyondell stockholders.
Basell offered more than $12 billion in cash for Lyondell, one of the nation's largest chemical makers. The offer equates to $48 per share, which was 20 percent higher than Lyondell's stock price. The lawsuit claims the proposed acquisition offer does not adequately value Lyondell and the synergies that will result from the proposed acquisition of Access Industries to purchase 8% of the company.
