24 May 2012 15:59 [Source: ICIS news]
HOUSTON (ICIS)-- US-based olefins and vinyls producer Westlake Chemical saw the failed attempt to acquire Georgia Gulf as an opportunity to focus more on a business it knows very well, a company executive said on Thursday.
"Georgia Gulf is a merchant buyer of all their ethylene and about half their chlorine. It would've integrated us further downstream," said CFO Steve Bender at the Goldman Sachs Basic Materials Conference in New York City.
Bender said even though their bid was unsuccessful, Westlake will continue to look for opportunities to grow both their core segments through acquisitions.
"We continue to be looking for growth opportunities in those segments as well as adjacencies in those two segments," he added.
Early this year, Westlake made an all-cash bid for Georgia Gulf at $30/share, valuing the company at $1bn.
Westlake would later up its bid to $35/share.
Georgia Gulf’s board rejected the offers, saying they were too low.
Earlier this month, Westlake withdrew its bid for Georgia Gulf and announced it would sell all its stock in the company.
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