Average cost of ~$3.00/share.
Citadel Investment group reduced it's stake in HUN to 7%, and plans to sell the rest relatively soon in light of Apollo Management's cancelled buyout of the company.
The CFO of Huntsman announces and testifies that the combined company would be solvent, unlike what Hexion claims. Despite these remarks and other testimonies, the trial will proceed and the two companies are in for a long court battle.
Hexion files suit in Delaware courts to exit its contractual obligations to acquire Huntsman. The reasons noted are Huntsman's increase in debt and lower than expected earnings which Hexion says make the agreed upon capital structure of the combined company unattenable. Hexion claims it will continue to use its best efforts to obtain financing for the merger but alternate financing will most likely be unavailable.
Huntsman announced it would raise the prices on its products, some as much as 25% to offset the energy and raw materials cost. This was after a first quarter which saw a 84% decline in profit. Other chemical companies, such as Dow and Rohm & Haas are expected to follow this trend of raising prices.