plunged after agreeing to be acquired by
for stock worth far less than Chase's market price.
The exchange ratio would give Chase shareholders stock valued at about $11.52 a share, based on Olin's closing price of $18 a share on Tuesday. Chase, which produces brass rods, closed Tuesday at $14.50 a share, down 48 cents, or 3.2%. Citicorp Venture Capital, which owns about 48% of Chase's shares, agreed to vote its shares in favor of the acquisition.
Chase defended the deal as being the company's best long-term interests.
Chase's shares were recently trading at $12.13, down 16%.