Posted by
Mark The Plumber on Thursday, November 27, 2008 12:00:00 AM
Can Huntsman Corporation stay in the Apollo Management picture?
I was worried when Apollo execs speak up their minds and turned to Huntsman family members to assist them in the private equity fund's
proposed acquisition of the Texas-based chemical company.
In the words of Leon Black, the founder of Apollo: Back out!
Call it "one of the most inadequate takeovers in corporate America."
Apollo's Black is back on Feb.9, when a courtroom hearing split between the Apollo team and representatives from Huntsman testify the
PE firm's decision to rule out concessions concerning Apollo's Hexion Specialty Chemicals subsidary's planned buyout of the publicly held
family company. For Apollo/Hexion, the former Borden Chemical, Black and his equity managers convinced Huntsman execs and reps to
eventually buy out a company whose specialty chemical compounds are used in a variety of products in many vast industries.
On
http://www.huntsman.com, a press release from Apollo's Black revealed the controversy concerning the Huntsman buyout and how it
may have an upsetting effect over the company's common stock price.
Whew!
Can anyone save Huntsman soon? Or possibly ever?
and how this buyout of equals can put the Huntsman family in peril.
"If you're Apollo, and have a management team in Huntsman during the trial, should Huntsman employees attempt to block Hexion's pending acquisition of the entire company in their quest to turn the chemicals giant around?"