Westlake Drops Its Bid For Georgia Gulf | Chemical & Engineering News
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Web Date: May 7, 2012

Westlake Drops Its Bid For Georgia Gulf

Acquisitions: The polyvinyl chloride companies were negotiating a deal
Department: Business
Keywords: polyvinyl chloride, PVC, mergers and acquisitions

Westlake Chemical has dropped its $1.2 billion bid to acquire rival polyvinyl chloride maker Georgia Gulf.

The hostile bid began in January, when Westlake made an unsolicited $30.00-per-share offer for the company. The bid represented a 23% premium over Georgia Gulf’s share price on Jan. 12, the eve of Westlake’s offer announcement.

Georgia Gulf’s board promptly rejected the offer, calling it “an opportunistic attempt to acquire the company’s . . .

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