SALT LAKE CITY - Already pursuing two new interests, Huntsman Corp. is hardly pining over its rejection by Rexene Corp. Huntsman is preparing two major acquisitions in the next 30 days - a major polymers unit of a publicly held company, and a privately held packaging company.
Each has annual sales in excess of $100 million.
Huntsman spokesman Don Olsen confirmed the company's plans, which were cited in an Aug. 21 Reuters interview with Jon M. Huntsman, chairman and chief executive officer. Huntsman declined to identify the companies, citing confidentiality agreements.
Huntsman also announced last week that it no longer is seeking to acquire Rexene.
Huntsman made two bids for Rexene, offering to pay $14 per share, then boosting its offer to $15 per share. Huntsman's offer also included assuming $175 million in debts, bringing the total offers to $442 million, then $462 million.
Rexene's board of directors rejected both offers, saying they believed the company - whose stock was trading at $9.25 prior to Huntsman's offers - was worth more.
In a prepared statement, Huntsman said his company is not interested in pursuing further negotiations or in commencing an unsolicited tender offer for Rexene.
``It simply is not worth the aggravation,'' Huntsman said.
``Our last offer represented a huge premium over the $9.25 price of the stock on July 17, when we made our initial offer. It now is abundantly clear to us that Rexene's board of directors and senior officers ... are not interested in maximizing share value for the other 98 percent of the shareholders.
``In my opinion, Rexene's shareholders won't see our offering price in the value of Rexene stock for years to come. The shareholders should be very disappointed,'' he added.
Executives of Rexene could not be reached for comment before press time.
Earlier this month, Huntsman Packaging Corp., a unit of the Salt Lake City-based parent firm, acquired United Films Corp. of Bloomington, Ind., for an undisclosed amount.