Monitor shareholder votes (Olin requires >2/3 approval for direct merger; Huntsman requires majority) and regulatory clearances. The fixed exchange ratio creates merger spread exposure; consider arbitrage if the deal is likely to close but spreads are wide. Post-merger, focus on integration progress and synergy realization.
Price Chart
Executive Summary
OLIN Corp filed an S-4 registration statement for its merger of equals with Huntsman Corporation. Under the merger agreement, Huntsman stockholders will receive 0.5476 shares of Olin common stock per Huntsman share, resulting in Olin shareholders owning ~54.5% and Huntsman stockholders ~45.5% of the combined company. The combined company expects over $300 million in near-term cost synergies, with closing targeted for first half 2027.
Key Facts
- Merger of equals between Olin and Huntsman; Olin to survive as OlinHuntsman Corporation.
- Exchange ratio: 0.5476 shares of Olin common stock per share of Huntsman common stock.
- Olin shareholders to own ~54.5% and Huntsman stockholders ~45.5% on a fully diluted basis.
- Olin 2025 revenue: $6,780.8 million; net loss: $(100.5) million.
- Huntsman 2025 revenue: $5,683 million; net loss: $(284) million.
- Identified cost synergies: >$300 million near-term, up to $400 million including raw material benefits from 2031.
- Termination fee: $121 million payable by either party under certain circumstances.
- Expected closing in first half 2027, subject to regulatory and shareholder approvals.
- Both boards unanimously recommend approval.
Financial Impact
Over $300 million in annual pre-tax cost synergies expected within three years of closing; no specific EPS impact quantified in the filing.
Risk Factors
- Shareholder approval may fail (Olin direct merger requires >66.7% of outstanding shares).
- Regulatory delays or conditions (HSR and international filings required).
- Integration challenges may delay or reduce expected synergies.
- Combined company will have ~$5.1 billion in debt (pro forma Olin $3.0B + Huntsman $2.1B as of March 2026), increasing leverage.
- Both companies reported net losses in 2025, adding execution risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 13 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4 Filing (Primary) | 0001193125-26-294465 |
| Document: d127943dexfilingfees.htm | 0001193125-26-294465 |
| Document: d127943dex51.htm | 0001193125-26-294465 |
| Document: d127943dex991.htm | 0001193125-26-294465 |
| Document: d127943dex992.htm | 0001193125-26-294465 |
| Document: d127943dex993.htm | 0001193125-26-294465 |
| Document: d127943dex994.htm | 0001193125-26-294465 |
| Document: d127943dex995.htm | 0001193125-26-294465 |
| Document: d127943dex234.htm | 0001193125-26-294465 |
| Document: d127943dex235.htm | 0001193125-26-294465 |
| Document: 0001193125-26-294465-index-headers.html | 0001193125-26-294465 |
| Document: 0001193125-26-294465-index.html | 0001193125-26-294465 |
| Document: 0001193125-26-294465.txt | 0001193125-26-294465 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 8-K | $17.52 $16.26 | ▼ −7.19% | ▼ −7.34% | $15.90 (−9.25%) |
Jul 14, 2026 11w ago | EFFECT | $21.66 $19.08 | ▼ −11.91% | ▼ −14.40% | $15.90 (−26.59%) |
Jul 10, 2026 12w ago | S-4/A | $20.68 $18.59 | ▼ −10.11% | ▼ −12.53% | $15.90 (−23.11%) |
Jul 2, 2026 13w ago | S-4 | $20.04 $22.17 | ▲ +10.63% | ▲ +11.04% | $15.90 (−20.66%) |
Jun 16, 2026 15w ago | 425 | $23.00 $21.98 | ▼ −4.43% | ▼ −5.75% | $15.90 (−30.87%) |
Jun 16, 2026 15w ago | 8-K | $23.00 $21.98 | ▼ −4.43% | ▼ −5.75% | $15.90 (−30.87%) |
Jun 16, 2026 15w ago | 8-K | $23.81 $21.66 | ▼ −9.03% | ▼ −9.23% | $15.90 (−33.22%) |
Jun 11, 2026 16w ago | Institutional Cluster | $24.20 $20.19 | ▲ +16.57% | ▲ +18.46% | $15.90 (+34.30%) |
Mar 20, 2026 28w ago | DEFA14A | $23.63 $26.82 | ▲ +13.50% | ▲ +4.18% | $15.90 (−32.72%) |
Feb 24, 2026 31w ago | Insider Cluster | $24.27 $27.57 | ▲ +13.60% | ▲ +18.58% | $15.90 (−34.49%) |
US Market Status
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