Eastman Warrants Set to Expire on February 27, 2013
2013-02-13 16:18:01 -
KINGSPORT, Tenn., Feb. 13, 2013 - Eastman Chemical Company (NYSE:EMN) is
advising holders of its publicly traded warrants (NYSE:EMN.WS) that the warrants
will expire and not be exercisable after 5:00 p.m., New York City time, on Feb.
27, 2013 (the "Expiration Date").
The warrants, which were assumed by Eastman in its acquisition of Solutia Inc.
("Solutia") in July 2012, were originally issued by Solutia and were exercisable
for shares of its common stock. As a result of that acquisition, upon the
payment of the warrant exercise price of $29.70, each warrant is exercisable for
$22.00 in cash and 0.12 shares of Eastman common stock. Warrants can be
exercised by payment of the cash exercise price, or on a net issuance basis, at
the option of the warrant holder. A warrant holder can obtain further
information on exercising the warrants, including how to exercise on a net
issuance basis, by contacting his or her broker or American Stock Transfer &
Trust Company, the Company's warrant agent. Brokers are encouraged to contact
American Stock Transfer & Trust Company in advance of the Expiration Date to
confirm the procedures for exercising warrants.
Any warrant not exercised prior to the Expiration Date will expire and the
holder thereof will not receive any cash, shares of Eastman common stock or
other consideration for such unexercised warrants.
The NYSE has notified Eastman that trading in the warrants on the NYSE will be
suspended after the close of business Feb. 21, 2013 to ensure all trades in the
warrants settle in time to allow the purchasers of such warrants to exercise the
warrants on or before the Expiration Date.
Eastman is a global specialty chemicals company that produces a broad range of
products found in items people use every day. With a portfolio of specialty
businesses, Eastman works with customers to deliver innovative products and
solutions while maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology platforms and
leading positions in attractive end-markets such as transportation, building and
construction and consumables. Eastman focuses on creating consistent, superior
value for all stakeholders. As a globally diverse company, Eastman serves
customers in approximately 100 countries and had 2012 pro forma combined
revenues, giving effect to the Solutia acquisition, of approximately $9.1
billion. The company is headquartered in Kingsport, Tennessee, USA and employs
approximately 13,500 people around the world. For more information, visit
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Media: Tracy Kilgore
Investors: Greg Riddle
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Source: Eastman Chemical Company via Thomson Reuters ONE