COLUMBUS, Ohio (July 12) — Hexion Specialty Chemicals Inc. has raised its bid for polyurethane and chemical producer Huntsman Corp.
On July 9, Columbus-based Hexion bid about $10.5 billion for Huntsman, including debt. That's a higher bid than Basell Holding B.V.'s June 26 bid of $9.6 billion, and also higher than a $10.4 billion bid Hexion made July 4.
Huntsman's board has said Hexion's bid is superior, but what that means is not yet clear. The Salt Lake City-based firm's board announced June 26 accepted Hoofddorp, Netherlands-based Basell's bid.
Huntsman has not agreed to the Hexion proposal, signaling that it expects Basell to raise its offer.
Basell has until the close of business July 10 to sweeten its bid. If it does not, according to its earlier agreement with Huntsman, Basell is entitled to a $200 million breakup fee.