Huntsman accepts backstop proposals totaling $43.58 million

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Huntsman Corp. said it accepted the backstop proposals in which some stockholders agreed to make cash payments to Huntsman totaling $43.58 million.

The proposals are in connection with Huntsman's pending merger with Hexion Specialty Chemicals, Inc.

According to a form 8-K filing with the Securities and Exchange Commission, the stockholders under the backstop proposals will receive no equity, debt or other securities or payments in return for their payments.

The cash payments by the stockholders are subject to the merger being consummated on the terms of the Nov. 2 agreement.

Huntsman said the backstop proposals are in addition to a similar Sept. 11 backstop commitment by other stockholders and members of the Huntsman family totaling $416.46 million.

On July 12, 2007, Hexion agreed to acquire Huntsman in an all-cash transaction valued at approximately $10.6 billion, including the assumption of debt.

Based in Columbus, Ohio, Hexion makes thermoset resins. Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.

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