NewsFlashWestlake Chemical discloses bid to acquire Georgia Gulf
13 January 2012 14:38 [Source: ICIS news]
HOUSTON (ICIS)--Westlake Chemical has made a $30/share (€23/share) bid to acquire all outstanding shares of ?xml:namespace>Georgia Gulf, the US chemicals firm said on Friday.
Westlake said it first approached Georgia Gulf on 20 September with its proposal. However, Georgia Gulf has been “unwilling to provide us with information that would allow us to explore these opportunities or to enter into substantive discussions,” Westlake added.
Westlake said its bid reflects a 51% premium to Georgia Gulf’s 30-day volume-weighted average share price of $19.82.
Westlake, which already holds 4.8% of Georgia Gulf’s shares, said its proposal is not subject to financing conditions.By: Stefan Baumgarten+1 713 525 2653
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