Solutia stockholders approve acquisition by Eastman Chemical

Solutia’s stockholders have voted in favour of its previously announced acquisition by Eastman Chemical Company. The original merger agreement was signed on January 26 and states that stockholders will receive US$22 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Approval of the merger by the Solutia stockholders completes one of the conditions necessary to finalize the acquisition. All regulatory closing conditions have been satisfied and the transaction remains subject to agreement or waiver of various customary closing conditions set forth in the merger agreement. The acquisition of Solutia by Eastman is expected to close during the week of July 2.