Alerts

Delaware Chancery Court Orders Hexion to Perform Its Obligations

October 7, 2008

On Sept. 29, 2008, in Hexion Specialty Chemicals, Inc. v. Huntsman Corp., Vice Chancellor Stephen Lamb of the Delaware Chancery Court ruled that private equity firm, Apollo Global Management, LLC (“Apollo”), and its portfolio company, Hexion Specialty Chemicals, Inc. (“Hexion” and, together with Apollo, the “Buyers”), did not have grounds to walk away from their acquisition of Huntsman Corporation (“Huntsman”) and that Hexion was required to honor its obligations under the merger agreement. The Court did not take the additional step of ordering Hexion to complete the merger because the specific performance provision in the agreement expressly carved out such obligation from its scope.