ST. LOUIS — Stockholders at Solutia Inc., a St. Louis-based materials and chemicals manufacturer, voted to approve the acquisition of the company by Eastman Chemical Company. Ninety-nine percent of the votes cast by Solutia stockholders were to approve the acquisition.
For each share of Solutia common stock Solutia stockholders will receive $22 in cash and 0.12 shares of Eastman common stock, according to the agreement.
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 is expected to close during the week of July 2nd.
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