Alginate producer International Specialty Products, better known as ISP, is now privatised following the purchase of the remaining stock by its chairman and majority stockholder Samuel J. Heyman.

The move follows an agreement in November last year between the company's board of directors and Samuel J. Heyman on a private transaction in which the holders of ISP's publicly traded shares would receive $10.30 in cash per share.

Following the $134 million transaction, the chairman has now acquired the approximately 19 per cent of ISP's outstanding shares of common stock not beneficially owned by him.

As a result of the transaction, ISP stock, which had been listed on the New York Stock Exchange, will no longer be publicly traded. All outstanding ISP shares (except those beneficially owned by Mr. Heyman) have been converted into the right to receive a cash payment of $10.30 per share.

ISP stockholders who have stock certificates in their possession will receive instructions by mail from The Bank of New York, the paying agent, concerning how and where to forward their certificates for payment.

Under terms of the agreement, and support from the shareholders, International Specialty Products Holdings (ISPH) merged with ISP.