Element Solutions rises after terminating $14.5 billion merger deal with Solstice

Shares of Element Solutions (ESI.N) rose about 4% to $38 in extended trading after specialty materials company Solstice Advanced Materials (SOLS.O) said it had agreed with Element Solutions to terminate their merger agreement.

Solstice said shareholder feedback prompted both companies to conclude they would be better off operating independently.

Neither company will pay a termination fee, Solstice added.

The companies in July agreed to a deal under which Solstice would acquire Element Solutions in a $14.5 billion transaction.

Up to the last close, Element Solutions stock was up about 46% year to date.