Chemtura bows to $2.7B offer from Lanxess
Shares in Chemtura Corp. (CHMT) hit record highs Monday after German chemicals company Lanxess AG unveiled a €2.4 billion ($2.7 billion) agreed bid for the Philadelphia-based maker of lubricant and flame retardant additives.
Lanxess will offer $2.5 billion, or $33.50 per share, for Chemtura's stock. That's a $5.32, or 18.9%, premium to the target's closing price on Friday. Lanxess said the transaction has an enterprise value of about €2.4 billion.
Chemtura shares rose 15....