A Jefferies & Co. analyst said Thursday that Basell Holdings is likely to raise its bid for Huntsman Corp. to try and trump a rival offer from a private-equity firm.
Hexion Specialty Chemicals Inc., which is owned by Apollo Management L.P., proposed to buy Huntsman for $27.25 per share cash, or about $6.05 billion. That bid tops a previous offer from Basell Holdings, a chemicals maker based in the Netherlands, to buy Huntsman for $25.25 per share, or about $5.6 billion.
Shares of Huntsman leaped $2.60, or 10.7 percent, to $27 in premarket trading Thursday. The shares closed Tuesday at $24.40.
Based in Salt Lake City, Huntsman reported $10.62 billion in sales last year selling chemicals to businesses that make things like airplanes, cars, electronics, tape and medical products.
Jefferies analyst Laurence Alexander said Basell could at least match Hexion's offer. Many chemical companies are trying to buy "specialty" chemicals makers like Huntsman to protect themselves from economic downturns, Alexander said
source:www.forbes.com
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