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Web Date: January 29, 2016

Westlake Makes Hostile Bid For Axiall

Acquisitions: $2.9 billion offer to shareholders follows rejection by Axiall’s board
Department: Business
Keywords: mergers, acquisitions, vinyl, hostile bid, chlor-alkali

Intent on building a back-integrated vinyls powerhouse, Westlake Chemical has made a $2.9 billion hostile bid to buy rival polyvinyl chloride maker Axiall. The cash and stock offer is valued at more than twice the $9.60 closing price of Axiall’s stock on Jan. 22.

Axiall’s board rejected the bid within three day of receiving the offer, preferring to go it alone, says Westlake, which also released a letter to Axiall’s board noting its disappointment and . . .

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Chemical & Engineering News
ISSN 0009-2347
Copyright © American Chemical Society