BigClassActions.com

Huntsman Corp.



Washington, DC: (Sep-25-07) Several class action shareholders lawsuits were brought against Huntsman Corp., a Salt Lake City-based chemicals company, seeking to stop a vote on its pending $10.6 billion acquisition by private-equity company Apollo Management LP. On July 12, 2007, Huntsman agreed to be acquired by private-equity firm Apollo Management for $28 a share, or $10.6 billion, including debt. Huntsman will be combined with Apollo's Hexion Specialty Chemicals Inc. The lawsuits alleged that the company and its directors breached their fiduciary duties by engaging in an unfair sales process, approving an unfair price for the buyout and making inadequate disclosures to stockholders. Under the proposed settlement, Huntsman agrees to make additional disclosures in its definitive proxy statement, which it sent to shareholders earlier this month, according to a filing with the Securities and Exchange Commission. Huntsman denies all allegations of wrongdoing. Company officials stated that the settlement won't affect the timing of the buyout. [DESERET MORNING NEWS: HUNTSMAN AQUISITION]


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