The transaction is expected to close in the first half of 2022, pending certain conditions and approvals.
Hexion Holdings Corp. recently announced that it has entered into a definitive agreement to be acquired by affiliates of private equity firm American Securities LLC for $30.00 per share in cash. The transaction is expected to close in the first half of 2022, following and conditioned upon the closing of the company’s previously announced sale of its Epoxy business to Westlake Chemical Corp., shareholder and regulatory approvals, and satisfaction of other customary closing conditions. Holders of a majority of the outstanding Hexion Holdings shares have agreed to support the transaction pursuant to voting agreements entered into in connection with the transaction.
After the sale of the Epoxy business, the remaining Hexion business will reportedly be a leading global producer of adhesives and performance materials. The company has 27 manufacturing facilities globally and approximately 1,300 employees.