Issue Date: February 8, 2016 | Web Date: February 2, 2016
Westlake Makes Hostile $2.9 Billion Bid For PVC Rival Axiall
Intent on building a back-integrated vinyls powerhouse, Westlake Chemical has made a $2.9 billion hostile bid to buy rival Axiall. Axiall’s board quickly rejected the bid, which is valued at more than twice the $9.60 closing price of Axiall’s stock on Jan. 22.
The board said Westlake’s offer “significantly undervalues Axiall’s assets and long-term prospects.” However, Brigade Capital Management, which owns 2% of Axiall’s shares, is urging the board to give “very serious consideration” to . . .
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