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UPDATE: Westlake to nominate 10 to Axiall’s board; Axiall says nominees biased

HOUSTON, February 16, 2016 (PCW) –- In its latest salvo in its ongoing attempt to acquire Axiall Corporation, Westlake Chemical on Tuesday said it would nominate 10 people to serve on Axiall’s board of directors.

In late January, Westlake offered to buy out Axiall for $2.9 billion, which the latter firm rejected, saying it would prefer to follow a “standalone strategic plan.”

Westlake’s CEO Albert Chao said the move was due to Axiall shareholders’ support for its acquisition proposal. "Given Axiall's position, we believe that Axiall shareholders would be better served by our independent and highly qualified nominees, who are committed to acting in the best interests of all Axiall shareholders,” Chao said.

Axiall responded late Tuesday, saying the move is an attempt to force Axiall to accept a price “that significantly undervalues Axiall’s assets and its long-term prospects.”

Axiall also charged that if elected to its board of directors, Westlake’s nominees would have an inherent bias toward a sale.

Westlake’s nominees are:

Westlake will make its nominations at Axiall’s annual meeting. The date for that meeting has yet to be set. – Samantha Hartke

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