An affiliate of private investment firm Bain Capital Partners, Inc. has acquired Styron Corp., a manufacturer of styrenes and polycarbonates, from The Dow Chemical Company.
The deal values the former Rohm & Haas unit at $1.675 billion. It follows Dow Chemical's $16.5 billion buyout of Rohm & Haas, which closed on Wednesday.
The companies said Rohm & Haas shareholders will receive just less than $79 a share -- $78 per share, plus a ticking fee agreed upon in the original deal.
The largest U.S. chemical maker said on Tuesday that it will take legal action against Petrochemical Industries Co of Kuwait for backing out of a joint venture.