Deals
Huntsman, Apollo’s Black Reached Agreement in 3 Days
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Apollo Management LP, the private-equity firm run by Leon Black, reached an agreement to terminate its acquisition of Huntsman Corp. only after a Huntsman director suggested removing lawyers from the talks.
What followed were three days of negotiations between Black and Jon Huntsman, founder and chairman of the Salt Lake City-based chemical maker. From Dec. 9 through Dec. 11, the two men met alone in a conference room at the New York offices of Vinson & Elkins LLP until Apollo agreed to pay Huntsman $1 billion to end the buyout, according to Chief Executive Officer Peter Huntsman.