Huntsman Corp. (HUN) stock fell 10.32 percent, or $1.64, to $14.26 on Tuesday after the company announced a definitive all-stock merger of equals with Olin Corp. (OLN).
The stock is currently trading at $14.26, down from its previous close of $15.89 on the New York Stock Exchange. Shares opened at $14.90 and traded between $14.28 and $14.90 during the session. Trading volume reached 1.73 million shares, compared with an average daily volume of 5.21 million shares.
Under the agreement, Huntsman shareholders will receive 0.5476 Olin shares for each Huntsman share. The combined company, to be named OlinHuntsman Corp., is expected to generate more than $400 million in identified cost synergies and integration benefits and create a North American chemicals leader with approximately $12.5 billion in annual revenue.
Huntsman shares remain near the upper end of their 52-week range of $7.30 to $16.09.
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