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Axiall rejects Westlake’s $2.9 billion buyout offer

HOUSTON, January 29, 2016 (PCW) -– Westlake Chemical on Friday said Axiall Corporation had rejected its offer to buy out the company for some $2.9 billion.

Westlake’s acquisition offer was for $20/share is a “significant premium of 108% to Axiall's closing price of $9.60 on January 22, 2016,” Westlake said.

Axiall has informed Westlake it prefers to pursue a “standalone strategic plan,” Westlake said.

Westlake also released a letter to Axiall’s board of directors that explained its rationale for the buyout.

The combination of Westlake and Axiall would create a more efficient, diversified and competitive company, far better positioned to succeed and grow in this challenging environment,” the letter stated. “With Westlake's Olefins business and a combined Westlake/Axiall Vinyls business, there would be an immediate opportunity to backward integrate into the ethylene market. The combined company would also benefit from Westlake's European vinyls business (Vinnolit), which is a global leader in vinyl technology and specialty PVC resins.” –- Samantha Hartke