Apollo Ups Huntsman Bid

Apollo Management has raised its bid for chemical company Huntsman to $28 a share. The move comes before its rival, Dutch chemical group Basell, responded to Apollo's earlier offer of $27.25 a share. On June 26 Basell submitted an initial $25.25 a share offer, valuing Huntsman's equity at $5.6bn. Then last week Apollo trumped Basell's offer. On Friday, July 6, Apollo's bid vehicle Hexion Specialty Chemicals claimed Huntsman now preferred its offer. And to seal the deal, last night Hexion increased its offer by US$0.75 to US$28 a share. Huntsman has so far denied that it has changed its view on the competing offers. Basell has until the end of tomorrow, July 10, to increase its offer for the company.