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WILMINGTON, Del. - Shareholders in specialty chemicals maker Hercules Inc. voted to approve its $2.6 billion takeover by rival Ashland Inc.
The companies struck the deal, which also includes the assumption of $700 billion in debt, in July.
Hercules said more than two-thirds of its shareholders supported the plan, which values each Hercules share at $18.60 in cash plus 0.093 of a share of Ashland common stock.
The companies said they expect the buyout to close on Nov. 13.
In midday trading, Hercules share gained $1.37, or 8.1 percent, to $18.22. Ashland shares lost 83 cents, or 3.5 percent, to $22.90.
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