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Entries tagged "Hexion"Inside The Deal: Debevoise & Plimpton's Paul Bird on MAC clausesMaterial adverse change clauses are nothing new, but with the credit and stock markets in turmoil, it seems like they are showing up in more and more deals. This year, claims of material adverse change have forced the renegotiation of Home Depot Inc.'s sale of its HD Supply business and the take-private of Clear Channel Communications Inc., and reared up in Hexion Specialty Chemicals Inc.'s pending acquisition of Huntsman Corp. In this edition of Inside The Deal, Suzanne Stevens talks to Paul Bird, who co-chairs the M&A group at Debevoise & Plimpton LLP, about how MAC clauses might affect... Could the Hexion and Huntsman deal be cursed?Yes, it's Halloween, but is a crystal ball really necessary to gaze into the future of the Hexion Specialty Chemicals Inc. and Huntsman Corp. deal with all of the hurdles it has had to go through already? As if there hasn't been enough problems getting the deal done, now Deutsche Bank AG and Credit Suisse Group, which are financing the $6.5 billion deal, look like they are pulling out. ... Breaking: Hexion-Huntsman would be an insolvent comboHexion Specialty Chemicals Inc. CEO Craig Morrison pulled no punches when he testified as the first witness in the case Huntsman Corp. brought against his company saying Hexion and Huntsman would have "a capital structure that's insolvent, that doesn't work." Huntsman filed suit against rival Columbus, Ohio-based Hexion, which is seeking to walk from its $10.3 billion agreement to acquire rival specialty chemical maker Huntsman. The trial is scheduled to run for six days before Vice Chancellor Stephen Lamb of the Delaware Court of Chancery. ... Fed gives Fannie, Freddie shareholders paybackWhile the Federal Reserve may have good intentions for Fannie Mae and Freddie Mac, shareholders of the pair of mortgage intermediaries may curse the regulator's name, as their shares each dove over 20% on July 14 -- the first trading day after the Fed and the Treasury devised a government backstop plan for the companies. On July 24, Fannie and Freddie's shares skidded about 25% and 23%, respectively, the day after the backstop plan was approved by the House of Representatives. But the words "Federal Reserve" were music to Fannie and Freddie shareholders' ears on Tuesday as their shares... The economy isn't so bad, is it?The broader market and Deal Stocks saw a modest gain Friday as better-than-expected economic readings from the Commerce Department helped to alleviate some of the Street's concerns, at least for the time being. The Commerce Department reported that durable goods orders inched up 0.8% in June -- not much to write home about, but much better than the expected 0.4% decline. It also reported that sales of new single-family homes in June fell by 0.6% to 530,000 -- also not an overwhelmingly positive report, but it did beat out expectations for 505,000 new homes. The Dow Jones Industrial Average... Huntsman fires back at ApolloThings got personal Monday in the fight between Huntsman Corp. and Apollo Management LP as The Woodlands, Texas, chemical company announced it has sued Apollo in state court in Conroe, Texas, and has named Apollo founders Leon Black (pictured) and Joshua Harris for good measure. Indeed, Black and Harris are the first-named defendants.... What do price increases say about Hexion-Huntsman?While Hexion Specialty Chemicals Inc.'s suit to get out of its deal to buy Huntsman Corp. has drawn the headlines this week, the arguments in the litigation raise some interesting antitrust issues for the $10.6 billion merger. ... Hexion sues to break Huntsman dealApollo-owned chemical company says merged company would be insolvent. Risk-Arb update: Take-Two, Clear Channel, moreThe game is on for Electronic Arts Inc.'s hostile approach to Take-Two Interactive Software Inc, while the trial begins in New York Supreme Court next week over the debt commitment for the buyout of Clear Channel Communications Inc. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Hexion." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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