If only Jon Huntsman was tweeting in 2008. The billionaire industrialist had announced a year earlier the sale of his listed chemicals company, Huntsman Corp, to the private equity titan Apollo Global Management for $10.6bn.
In June 2008, as the global financial crisis was unfolding, Apollo’s portfolio company, Hexion, ditched the acquisition, citing Huntsman’s sagging financial performance.
The subsequent legal fight would be dramatic and the ruling in the Delaware Court of Chancery on the case would become a seminal precedent in busted deal litigation, of the kind that is relevant again today in the Twitter/Elon Musk battle.
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