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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:
Steven Blank, former Executive Vice President, Chief Financial Officer and Treasurer of NuStar
Michael Campbell, former Chairman, President and CEO of Arch Chemicals and Executive Vice President of Olin Corporation
Charles Crew, former Executive Vice President and President, CEO of SABIC Innovative Plastics
Ruth Dreessen, Managing Director of Lion Chemical Capital
Angela Minas, Independent Director and Chair of the Audit Committee of CONE Midstream Partners
David Reeves, former President of Strategy, Planning and Technology, and long-time executive of Chevron Corporation
Ron Steger, Senior Advisor to the Effectus Group and Director of Overseas Shipholding Group
James Swent III, former Executive Vice President and Chief Financial Officer of Ensco
Gary Whitlock, former Executive Vice President and Chief Financial Officer of CenterPoint Energy
Randy Woelfel, former CEO of NOVA Chemicals
Westlake will make its nominations at Axiall’s annual meeting. The date for that meeting has yet to be set. – Samantha Hartke