Middlebury, Connecticut - Chemtura Corp. announced 26 June that, after thoroughly exploring a potential sale, merger or other business combination involving the entire company, it has concluded that, "shareholders' interests will be best served by continuing to operate as a stand-alone company and focusing on its own growth and efficiency initiatives."
This announcement follows a previous statement from the company on 18 Dec 2007 that a special committee of its board of directors and financial advisor, Merrill Lynch & Co., would explore a range of strategic alternatives.
Recently press reports had linked Chemtura to take-over talks with major private equity firms. The Wall Street Journal reported that the company had been in talks with Blackstone Group and Apollo Management regarding an acquisition of Chemtura.
Chemtura said that it has instructed management, the special committee, and Merrill Lynch to continue active consideration of the company's other strategic options, including select business divestures, value-creating acquisitions, joint ventures and changes in the company's capital structure. The urethane prepolymer and additives supplier added, "while the company's evaluation of strategic alternatives continues, there can be no assurance that this process will result in any specific transaction."