Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Axiall rejects Westlake again

by Marc S. Reisch
April 11, 2016 | A version of this story appeared in Volume 94, Issue 15

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.”

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.