Kenneth Hale is working himself out of a job. Hale is senior VP, GC and secretary of Houston-based Sterling Chemicals Inc., which announced June 22 that it has a definitive merger agreement with Kingsport, Tenn.-based Eastman Chemical Co.
In the agreement, Eastman acquires Sterling for $100 million in cash, with Sterling’s common stockholders receiving $2.50 per share and the holders of Sterling’s Series A convertible preferred stock receiving an aggregated $92,928,850, subject to a maximum downward adjustment of $1.5 million.
