Solstice shares soar 12.8% after $500 million buyback announced in place of $14.5 billion merger

Solstice Advanced Materials Inc dropped almost 15% in afternoon trading in New York on Monday after saying it will acquire Element Solutions Inc. The fall in Solstice shares wiped about $6 per share from the value of its mostly stock offer compared to the announced deal price. Solstice last traded at $68.27, off $11.92. Element slipped 2.8% to $42.40. The SPDR S&P 500 ETF Trust gained 0.8%.