Aristech OKs Mitsubishi-Backed Takeover Bid: Members of...
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Aristech OKs Mitsubishi-Backed Takeover Bid: Members of Aristech Chemical Corp.’s board approved a $934.2-million cash takeover bid submitted by a group of the Pittsburgh company’s senior managers and Mitsubishi Corp. of Japan. The agreement allows the company to solicit proposals from others. Utah chemical magnate Jon Huntsman asked Aristech to extend its bidding deadline to Feb. 14 to give him time to put together a bid worth at least $934.2 million, or $27 a share, with help from a General Electric.
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