Report: Bain Capital Considering Takeover of Huntsman Corp.
Bank of America Merrill Lynch is looking for private equity firms interested in buying Huntsman Corp., the chemical company founded by failed Republican presidential candidate Jon Huntsman’s father, according to Reuters.
Do you know who is rumored to be extremely interested in the Huntsman buyout? Bain Capital (yes, that Bain Capital).
“Bank of America Merrill Lynch has pitched the company, which has a market value of about $2.8 billion and has nearly $4 billion in debt, to several private equity firms across the country, including Bain, KKR & Co, Advent International and Warburg Pincus,” National Journal reports.
We have Huntsman Corp. to thank for these. Well, women do at least.
“The decision as to which firm the company goes to is in part up to the elder Huntsman, who fueled his son’s presidential ambitions through several large donations,” the report adds.
Huntsman Corp., which was founded in 1970 by Jon Huntsman Sr., is currently run by Peter Huntsman. The the largest shareholders of the company, with nearly 20 percent of its shares, is still the elder Huntsman and his family.
The takeover of Huntsman Corp. has been something of an on-again-off-again project dating back to 2007 when Apollo Global Management LLC’s Hexion Specialty Chemicals unit was supposed to buy the company for $6.5 billion.
That was in 2007. What else happened in 2007? Oh, that’s right: An economic crash. Apollo ended up bailing on the deal — but not before paying out $750 million to Huntsman Corp. for walking away from their agreement.
But despite interest from famed private equity firms like Bain, Huntsman Corp. may find itself in another Apollo situation.
“Huntsman may prove to be too big for a private equity firm to swallow whole on its own,” according to Reuters.
“Bankers who have looked at the company suggest it would take an equity check of up to $2 billion and would require a consortium of as many as three private equity firms, which would complicate any deal,” the report adds.
- ‘The Daily Show’ Creator Makes Outrageously Offensive Anti-Conservative Joke About Okla. Tornado 468 Comments
- Washington Times Writer: Fox News Scandal Goes ‘Much Deeper,’ W.H. Sitting on Something Top Obama Aides ‘Terrified’ About 442 Comments
- Why Were DHS Agents Seemingly Monitoring Multiple Tea Party IRS Protests Across the Country on Tuesday? 351 Comments
- University Will Investigate Christian Professor’s Intelligent Design Class Following Atheist Furor 326 Comments
- More Than $1 Million Raised Through Mercury One for Oklahoma Tornado Relief 266 Comments
- Comedian’s New Anti-Muhammad Video Excoriates Islamic Prophet, Juxtaposes Him with Jesus: ‘Very Wrong and Twisted’ Read More
- Teacher Admits She ‘Prayed Out Loud’ During Violent Tornado: ‘I Did the Teacher Thing that We’re Probably Not Supposed to Do’ Read More
- Farrakhan Talks of ‘Satanic Jews’ and ‘Synagogue of Satan’ at Detroit Church Speech — but Wait Until You Hear Who Was in Attendance 170 Comments
- Biden Praises Jewish Leaders for Helping Change Americans’ Views on Gay Marriage Read More
- ‘Death! You F**k!’: Bat Mitzvah Chaperone Unleashes Explosive, Profanity-Laced Tirade Against Kids Over Candy-Throwing Incident Read More
- Ex-Cincinnati IRS Manager: This Was Not the Work of ‘Low-Level’ Employees Read More
- China Sets off What Could Be the World’s Longest Demolition Read More
- Here are the 5 Most Interesting Moments from Tuesday’s Hearing on the IRS Scandal 141 Comments
- Jay Carney Shifts IRS Timeline (Again!) 106 Comments
- Top IRS Official at Center of Political Targeting Scandal Will Plead the Fifth 146 Comments
- The Incredible Role Facebook Played in the Aftermath of Devastating Okla. Tornado Read More
- Tech Company Demonstrates Remote Disabling of a ‘Smart Gun’ 101 Comments
- Meet the Blind Man Nicknamed ‘Midnight Gunslinger’ Who Has 80% Shot Accuracy Read More
- How a $4.5 Million Network of 181 Sirens Helped Save Lives in Oklahoma Twister Read More
- See the Record-Setting Python a Man Caught With His Bare Hands (and Guess How Much It Weighed) Read More
- Blake Shelton putting together Okla. benefit show
- 2 infants among 10 kids killed in Oklahoma tornado
- Beatles' lyrics headed for British Library
- House Republicans promote 20-week abortion ban
- Sathwik Karnik wins National Geographic Bee
- North Korean leader sends special envoy to China
- 'BOOM TOWN BABY': African stock markets see gains
- Russian drunk driver who killed orphans sentenced