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SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to sec. 240.14a-11(c) or sec. 240.14a-12
REXENE CORPORATION
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(Name of Registrant as Specified in its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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[REXENE LETTERHEAD]
Contact: Neil Devroy
(972) 450-9101
REXENE RECEIVES SIGNED SECRECY AGREEMENT FROM HUNTSMAN;
WILL MOVE BACK SPECIAL STOCKHOLDERS MEETING TO MAY 22
DALLAS, TX - April 28, 1997 -- Rexene Corporation (NYSE:RXN) announced
today that it has entered into a confidentiality agreement with Huntsman
Corporation concerning Huntsman's announced intention to acquire Rexene for $16
per share in cash. As a result, Rexene will adjourn its special meeting of
stockholders from April 30, 1997 to May 22, 1997. The record date for the
meeting will remain April 18, 1997.
Andrew J. Smith, Chairman and Chief Executive Officer for Rexene, said,
"We are moving forward to provide Huntsman Corporation with due diligence
information. At the same time, in order to provide stockholders an opportunity
to evaluate this recent development, the special stockholders meeting will be
delayed for three weeks."
Richard C. Perry and Stephen C. Swid, outside Rexene directors who
beneficially own in the aggregate approximately 6.6 percent of Rexene common
stock, said, "We and the other Rexene directors have stated that we would not
stand in the way of a transaction that would provide Rexene stockholders with
$16 per share in cash for their shares. We look forward to a prompt due
diligence review within the two-week time frame specified by Huntsman."
The Company also announced that it is extending the expiration date of
its pending Dutch-auction tender offer for up to 2,156,250 shares of its
common stock to 12:00 Midnight, EDT on May 29, 1997. The offer had been
scheduled to expire at 12:00 Midnight, EDT on May 5, 1997. As of the close of
business on April 24, 1997, approximately 197,000 shares had been validly
tendered pursuant to the offer.
Rexene Corporation, through its Rexene Products and CT Film divisions,
manufactures thermoplastic resins and plastic film. Headquartered in Dallas,
Texas, the Company has manufacturing facilities in Texas, Wisconsin, Georgia,
Delaware, Utah and in England.
