Solstice Advanced Materials (NASDAQ:SOLS) jumped 12.76 percent on Friday to close at $63.53 after abandoning its planned $14.5 billion acquisition of Element Solutions and announcing a $500 million share buyback program. The company said it formally terminated the merger agreement following shareholder conversations, with both boards unanimously agreeing the move is in the best interests of shareholders, employees, and customers. The buyback, funded from cash on hand, may be executed through open market purchases, accelerated repurchase negotiations, or negotiated block transactions. Additionally, shareholders of record as of August 27, 2026 will receive a dividend of $0.075 per share on September 10, following a second quarter in which attributable net income rose 23 percent to $119 million and net sales increased 11 percent to $1.148 billion. BMO Capital lowered its price target to $83 from $95 but maintained a buy rating, while hedge fund holdings in the company declined to 72 funds with combined positions of $2.03 billion in the second quarter.
Solstice Advanced Materials, IncSolstice abandoned the $14.5B Element Solutions acquisition and announced a $500M buyback funded from cash.
Element Solutions IncSolstice terminated its planned $14.5 billion acquisition of Element Solutions, removing the deal.
