SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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REXENE CORPORATION
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(Name of Registrant as Specified In Its Charter)
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REXENE CORPORATION
5005 LBJ FREEWAY - SUITE 500
OCCIDENTAL TOWER
DALLAS, TX 75244
972-450-9000
CONTACT:
D.F. King & Co., Inc.
John W. Cornwell
(212) 493-6952
Rexene Corporation
Neil J. Devroy
972-450-9101
Dallas, TX - April 22, 1997 - Andrew J. Smith, Chairman and Chief
Executive Officer of Rexene Corporation (NYSE:RXN), announced today that he sent
the following letter to Jon M. Huntsman, Chairman and Chief Executive Officer of
Huntsman Corporation, in response to a phone call by Mr. Huntsman to one
of Rexene's financial advisors.
(Letter attached)
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REXENE CORPORATION
5005 LBJ FREEWAY - SUITE 500
OCCIDENTAL TOWER
DALLAS, TX 75244
972-450-9000
April 22, 1997
Mr. Jon M. Huntsman
Chairman and Chief Executive Officer
Huntsman Corporation
500 Huntsman Way
Salt Lake City, Utah 84108
Dear Jon:
I am responding to your telephone call to one of our financial advisors on
Friday, April 18, in which you reiterated your interest in acquiring Rexene. You
also said that you now need to conduct a due diligence review of Rexene.
We are interested only in advancing the interests of Rexene's owners and,
therefore, we are committed to exploring all options to maximize stockholder
value. Accordingly, we will grant you the requested access to our non-public
information, provided that you sign the enclosed standard form
confidentiality/standstill agreement for public companies and confirm in writing
that you are interested in acquiring Rexene for $16 per share in cash and you
have arranged the necessary financing. The enclosed agreement is the same
agreement signed by every other potential bidder who received non-public
information about Rexene.
Once you have signed and returned the enclosed agreement and furnished the
written confirmation referred to above, we will coordinate a mutually convenient
time for you to commence your due diligence review.
Very truly yours,
/s/ Andrew J. Smith
Andrew J. Smith
Enclosure
