Solutia stockholders approve proposed tansaction with Eastman29. June 2012 | By: Solutia
Solutia Inc. announced today that its stockholders have voted to approve the previously announced acquisition of Solutia by Eastman Chemical Company.
Pursuant to the merger agreement with Eastman, which was entered into on January 26, 2012, Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock as consideration in the acquisition. Of the shares voted at today's special meeting, 95,183,599 were voted in favor of the adoption of the merger agreement, which represents approximately 99 percent of the votes cast.
Adoption of the merger agreement by Solutia stockholders satisfies one of the conditions to complete the acquisition of Solutia by Eastman. All regulatory closing conditions have been satisfied. The transaction remains subject to the satisfaction or waiver of a number of customary closing conditions as set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the U.S. Securities and Exchange Commission by Solutia on May 25, 2012. The transaction is expected to close during the week of July 2nd.