WAYNE, NJ - International Specialty Products Inc. (ISP) announced a buyout agreement with International Specialty Products Holdings Inc., a new corporation formed by ISP's chairman and majority stockholder, Samuel J. Heyman.

Under the agreement, the new holding company will merge with ISP, and the holders of ISP's publicly traded shares will be entitled to receive $10.30 per share in cash. The merger is valued at approximately $130 million. Heyman currently owns approximately 80.9% of ISP's outstanding shares.

ISP is a manufacturer of specialty chemicals and mineral products, including monomers, dispersing agents, solvents, and reactive diluents used in coatings.