Middlebury, Connecticut — "We expect closing to occur by mid-2017," Craig Rogerson told analysts at a conference call on 1 November as he spoke of his firm's purchase by Germany's Lanxess.
Rogerson said that the Lanxess deal at $33.50/share "ticked nearly every box" for the Chemtura board, which had measured offers "against the value and earnings power of our base businesses and needed to show clear superiority to our base plan to be considered." He added that the deal valued the company at around 2.5% of its per share value when it exited Chapter 11 bankruptcy protection in November 2010.
"We have begun the process of filing for our merger control approvals. We have already filed under the Hart Scott Rodino Act for approval here in the U.S. and we expect to make filings in other jurisdictions over the next several weeks," he added.
The news that Lanxess is to buy Chemtura was announced in the third week of September. Lanxess is expected to incorporate the Chemtura businesses, which include polyurethanes, into Rhein Chemie.
