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[March 2003]
International Specialty Products Completes 'Going-Private' Transaction
International Specialty Products Inc (Wayne, NJ, USA) announced on 28 February 2003 that, after receiving stockholder approval, it had completed the transaction in which its chairman and majority stockholder Samuel Heyman acquired the approximately 19% of ISP's outstanding shares of common stock not beneficially owned by him.The acquisition proposal required, among other things, approval by a majority of the shares voted at the meeting which were not owned beneficially or of record by Mr Heyman or any other directors or officer of ISP or International Speciality Products Holding Inc. The transaction was valued at approximately US$134 million.
As a result of the transaction, ISP stock, which has been listed on the New York Stock Exchange, will no longer be publicly traded. All outstanding ISP shares - except those beneficially owned by Mr Heyman - have been converted into the right to receive a cash payment of US$10.30 per share.
International Specialty Products is a leading multinational manufacturer of specialty chemicals and mineral products.
ENDS