London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

Eastman to acquire Sterling Chemicals for USD 100 million

June 23/2011

(CityBizList) -- Sterling Chemicals has entered into a definitive merger agreement pursuant to which Eastman Chemical Company will acquire all of the outstanding equity of Sterling Chemicals for USD 100 million in cash, subject to certain adjustments as provided in the merger agreement. Under the terms of the transaction, the holders of Sterling Chemicals' common stock, par value USD 0.01 per share, will receive USD 2.50 per share in cash, representing a 63% premium over the most recently reported market price of USD 1.53 and a 94% premium over the 90 day volume-weighted average trading price.


John V. Genova, Sterling's President and Chief Executive Officer, stated that, "We believe that we are an excellent strategic fit for Eastman, especially given our existing plasticizer manufacturing assets. The many other quality attributes of our Texas City site has the potential of adding further future value. We look forward to working with Eastman to ensure a smooth and effective transition."


mrcplast.com

Tags:No
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe