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Comment Business & Economics

Eastman to acquire Solutia

By Dorothy Lozowski |

Eastman Chemical Co. (Kingsport, Tenn.; www.eastman.com) and Solutia Inc. (St. Louis, Mo.; www.solutia.com) have entered into a definitive agreement, under which Eastman will acquire Solutia, a leader in performance materials and specialty chemicals. Under the terms of the agreement, Solutia stockholders will receive $22 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock. Based on yesterday’s closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia common share. This represents a total transaction value of approximately $4.7 billion, including the assumption of Solutia’s debt. The transaction, which is expected to close in mid-2012,  was approved by the Boards of Directors of both companies. It remains subject to approval by Solutia’s shareholders and receipt of required regulatory approvals and other closing conditions. There is no pdf available for this short news item.  
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