P.M. BRIEFING : Huntsman May Up Aristech Bid
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NEW YORK — Salt Lake City investor Jon Huntsman, in his relentless pursuit of Aristech Chemical Corp., said today he expected to sweeten his bid for the chemical company to at least $27 a share--topping a white knight offer by Aristech’s chairman and Mitsubishi Corp.
Aristech Chairman Thomas Marshall and the Japanese trading company had launched an $845-million, or $26-a-share, bid for the Pittsburgh-based polymers and chemicals company two weeks ago.
Marshall and Mitsubishi joined forces in an effort to keep Aristech out of Huntsman’s hands. Aristech had previously rejected a $25-a-share offer announced in October by the Salt Lake City businessman.
Aristech’s deadline for submission of bids for the company expired Monday. Huntsman requested today that the deadline be extended to at least Feb. 14. Huntsman said he planned to submit a sweetened offer as soon as possible after completing a review of Aristech’s documents.
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