Westlake May Drop Bid For Georgia Gulf | Chemical & Engineering News
Volume 90 Issue 9 | p. 18 | Concentrates
Issue Date: February 27, 2012

Westlake May Drop Bid For Georgia Gulf

Department: Business
Keywords: acquisition, share price, vinyl, construction

In an earnings conference call on Feb. 21, Westlake Chemical CEO Albert Chao told analysts that his company may withdraw its offer to purchase rival vinyls producer Georgia Gulf. Georgia Gulf earlier rebuffed Westlake’s $1.2 billion acquisition offer, calling the price “far from compelling.” Although Chao said he is still interested in good-faith negotiations, he stated, “We are a disciplined acquirer with extensive industry knowledge, and we know what Georgia Gulf is worth.” If Georgia Gulf’s board and management does not change its approach, Chao said, Westlake will likely withdraw its bid. In his own call with analysts, Georgia Gulf CEO Paul D. Carrico said, “We’re confident about the opportunities ahead for Georgia Gulf.”

 
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