Web Date: January 29, 2016
Westlake Makes Hostile Bid For Axiall
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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