Olin + Huntsman = OH! as Companies Surprise Street and Merge

Research evidence excerpt

Olin + Huntsman = OH! as Companies Surprise Street and Merge

ion and the deal was a result of direct interactions between the

two leaderships. EPS $(0.38) $0.85 $0.96 $2.24

Terms of Deal; Approval Nuances: Under the transaction terms, HUN shareholders CFPS $2.15 $1.44 $2.89 $4.10

will receive 0.5476 shares of OLN stock for each share of HUN held, resulting in a post- EBITDA $652 $706 $806 $1,016

closing ownership split of approximately 54.5% for OLN shareholders and 45.5% for Consensus Estimates

HUN shareholders. Management used the exchange ratio based on an at-the-market 2025A 2026E 2027E 2028E

volume-weighted average price (VWAP) over the trailing 30 days measured as of the

EPS $0.08 $0.89 $1.74

close of June 12, 2026. The transaction has been approved by both boards of directors

and management expects deal close in 1H27. The close will require standard regulatory Valuation

approvals and approval from shareholders of both companies. 2025A 2026E 2027E 2028E

The voting mechanics carry nuances because Olin is incorporated in Virginia. As such, EV/EBITDA 9.0x 8.3x 7.3x 5.8x

a direct merger requires a strict two-thirds majority vote. If that passes, it has zero P/E NM 29.6x 26.5x 11.3x

impact on outstanding bonds. If it fails, a secondary subsidiary merger option requires FCF Yield 8.5% 5.7% 11.4% 16.2%

only a simple majority (50%+), but this triggers a change-of-control provision affecting QTR. EBITDA Q1 Q2 Q3 Q4

Huntsman’s 2029 and 2031 bonds (though not the 2034 bonds). Conversely, Huntsman

2025A $186 $176 $222 $68

shareholders require only a simple majority (50%+) to approve the merger agreement.

Post-close, headquarters will consolidate in The Woodlands, Texas (Huntsman’s base). 2026E $86a $192 $241 $186

$300MM Synergies + Other: Management is targeting...