INVESTORS SEEKING CHANGES AT REXENE

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DALLAS — Two Wall Street investment firms that own 10.1 percent of Rexene Corp.'s outstanding shares said Jan. 2 they want to replace the company's current board of directors and change its bylaws, and are requesting a special shareholders meeting to do so.

Wyser-Pratte & Co. Inc. and Spear, Leeds & Kellogg have acquired their stake in the Dallas-based resin maker since Huntsman Corp. made an attempt to buy Rexene in July. Rexene's stock was trading at $9.25 per share the day before Huntsman made the first of three offers for the company. Huntsman's last offer was for $16 per share. Rexene's stock closed at $13.625 per share in trading Dec. 31.

Rexene's management rejected two of Huntsman's earliest offerings, saying the company had the potential for greater value than Huntsman was offering. Huntsman withdrew its third offer after Rexene management requested further financial information before considering it; Huntsman and the arbitrageurs said the request was a ploy by Rexene's management to avoid considering the last offer.