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Axiall’s board of directors has turned down a second takeover offer from rival polyvinyl chloride maker Westlake Chemical. At $3.1 billion, the offer, publicly revealed on April 4, is $200 million higher than the one Westlake first made in late January. Now, Westlake says it intends to proceed with its earlier plan to propose an alternate slate of directors at Axiall’s soon-to-be-scheduled annual meeting in hopes of replacing the existing board with directors “who will ensure that all of Axiall’s strategic options are considered.” In a letter to Axiall shareholders, Westlake CEO Albert Chao says Axiall’s board has “overestimated the earnings power of its business” and failed to deliver on its strategic objectives. In a return letter, Axiall CEO Timothy Mann Jr. points out that “we are not opposed to a strategic transaction provided that it delivers full and fair value to Axiall shareholders.”
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