Hexion therefore began looking for ways to exit this merger agreement. The credit markets tightened in August 2007, the stock market softened, and Huntsman had a disappointing first quarter of 2008. Like many buyers who signed merger agreements in the spring and summer of 2007 to buy targets under highly-financed conditions, Hexion quickly had buyer’s remorse. In response, to offer Hexion certainty, Huntsman agreed to a very pro-target agreement, and the deal between Huntsman and Hexion was signed on July 12, 2007. Basell had offered slightly less money for Huntsman, maintaining that its offer was still better than Hexion’s because the Hexion offer was fully financed and therefore not certain to close. The agreement was so favorable for the target because Hexion was in a bidding war with Basell to acquire Huntsman when the agreement was signed. ![]() The merger agreement in this deal was tight, with a narrowly drawn material adverse change escape for Hexion, with a provision obligating Hexion to exercise its reasonable best efforts to finance the deal, with an antitrust hell-or-high water provision obligating Hexion to do almost anything required by the FTC/DOJ to close the deal, and with a clause specifying that Huntsman can sue Hexion for economic damages for “a knowing and intentional breach” of any of the covenants in the merger agreement (as opposed to a liquidated damages provision). (Huntsman is now trading at around $12 per share.) The deal was to be financed by Credit Suisse and Deutsche Bank, both of whom proffered commitment letters when the deal was signed and vouched to finance provided Huntsman could offer a “customary and reasonably satisfactory” solvency certificate prior to closing the financing. In July of 2007, just before the credit markets imploded, Hexion, which is 92% privately owned by Apollo private-equity entities backed by Leon Black and Joshua Harris, entered into a merger agreement to acquire Huntsman Corporation for $28 per share in cash. ![]() The opinion is well worth reading for deal lawyers – it offers a good tutorial on how private equity deals can fall apart, how merger agreements can impact the unraveling of a deal, how Wachtell Lipton lawyers lawyer, and how much tom-foolery Vice Chancellor Lamb will tolerate before getting disgusted. Huntsman battle, ordering Hexion to perform its obligations under its 2007 agreement to acquire Huntsman. As our engineers make breakthroughs in DSP technology and discover new, improved tunings, they make them available as free firmware upgrades that you can do yourself.On Monday night, Delaware Vice Chancellor Lamb issued an opinion in the epic Hexion v. Advanced DSP filters tailor their sound to your room, and adaptive bass technology and powerful integrated amplifiers send their low frequencies to really surprising depths.īest of all, you can upgrade your speakers without upgrading your speakers. You can hook them up to almost any source – your phone, tablet, computer, TV, CD player and more – or make them multiroom with Xeo Hub or Dynaudio Connect.Īnd the entire range has been tested and tuned by the same people behind our most legendary loudspeakers. ![]() And that's all you need: no extra cables, no separates, no equipment rack. ![]() The only thing you have to do is pick a song from your library and stream it. Every Xeo model has direct inputs for all your sources (including hi-res support), plus aptX Bluetooth on board for high-quality wireless streaming from any compatible device. They give you all the performance of high-end hi-fi with none of the hassle. Dynaudio Xeo wireless stereo speakers free you from all that.
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