ST.LOUIS (July 2, 2012)—Solutia Inc.'s stockholders have voted to approve the previously announced acquisition of Solutia by Eastman Chemical Co.
Solutia stockholders will receive $22 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock as consideration in the acquisition.
About 99 percent of shares were voted in favor of the merger agreement, by Solutia stockholders, representing more than 95 million shares.
The transaction remains subject to the satisfaction or waiver of a number of customary closing conditions as set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the U.S. Securities and Exchange Commission by Solutia.
The transaction is expected to close this week.