04 May 2012 21:32 [Source: ICIS news]
HOUSTON (ICIS)--US-based vinyls producer Westlake withdrew its bid to acquire Georgia Gulf, the company said on Friday.
In addition, Westlake plans to sell of its holdings of Georgia Gulf common stock, the company said.
In a statement, Westlake CEO Albert Chao said: “We are disappointed in this result, but we continue to work on our previously announced important strategic initiatives as well as to look for other opportunities to grow our business. We believe that we are well-positioned for future success.”
Westlake's bid of $35/share was up from an original bid of $30/share made in January. The initial bid valued Georgia Gulf at $1bn (€760m).
Both companies make polyvinyl chloride (PVC).
($1 = €0.76)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections