Solstice Advanced Materials Inc. (NYSE:SOLS) shares are jumping Friday after the company and Element Solutions mutually agreed to terminate their pending merger. Here’s what you need to know.
Solstice Advanced Mat stock is among today’s top performers. Why is SOLS stock up today?
Solstice And Element Solutions Mutually End Merger Agreement
Element Solutions and Solstice called off their planned combination by mutual agreement, the companies confirmed. Element Solutions Chairman Ian Ashken acknowledged the deal made sense on paper from both a strategic and financial standpoint but said input from shareholders ultimately pushed both boards toward the same conclusion: each company would be better served staying independent for the time being.
Ashken noted that Element Solutions investors had signaled they valued the company’s current leadership team, culture and business setup just as they stand today, prompting the board to respond accordingly, and he closed by extending good wishes to Solstice’s team.
