27 May 1996 00:00 [Source: ICB]
The sale of Sterling Chemicals to Sterling Group and Unicorn has hit new controversy with six shareholders now filing a lawsuit against Sterling Chemicals concerning the recently agreed sale of the company (ECN 29 April).
It is not known whether any big shareholders have brought actions, but no single major institution is believed to be involved.
A spokesman for Sterling Chemicals said the lawsuits were not altogether unexpected. Although Huntsman equalled the successful $12/share price for Sterling Chemicals, the decision to sell to Sterling Group/Unicorn was made on the basis that the deal represented 'a definitive offer in the hand', said Sterling.
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