Volume 94 Issue 6 | p. 9 | News of The Week
Issue Date: February 8, 2016 | Web Date: February 2, 2016

Westlake Makes Hostile $2.9 Billion Bid For PVC Rival Axiall

Merger: Deal gets push from activist investor Brigade urging good faith discussions
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 Axiall. Axiall’s board quickly rejected the bid, which is valued at more than twice the $9.60 closing price of Axiall’s stock on Jan. 22.

The board said Westlake’s offer “significantly undervalues Axiall’s assets and long-term prospects.” However, Brigade Capital Management, which owns 2% of Axiall’s shares, is urging the board to give “very serious consideration” to . . .

To view the rest of this content, please log in with your ACS ID.

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