Specialty chemical company Eastman Chemical Co. is buying Solutia Inc. in a cash-and-stock deal valued at about $3.38 billion to broaden its presence into emerging markets and expand its product offerings.
The companies value the deal, including debt, at about $4.7 billion.
Solutia shareholders will receive $22 in cash and 0.12 shares of Eastman stock for each share of Solutia that they own. Based on Thursday's closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia share, a 42 percent premium to the company's closing price.
More than 21,000 runners and walkers will wind their way through St. Louis city streets this Sunday as part of the Rock 'n' Roll Marathon and half-marathon.
The race is unique because it will feature 26 live bands and 18 local cheerleading squads performing along the course. The band Sugar Ray will headline a concert at the finish line. Margie Martin, the event’s manager, says they were surprised by how many people signed up to participate in this, the first Rock-n-Roll Marathon here.