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Westlake urges Axiall shareholders to pressure company toward buyout

HOUSTON, March 7, 2016 (PCW) -- Westlake Chemical, in an open letter to Axiall shareholders, urged them to pressure the latter company to discuss a buyout.

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 on Monday contended that this strategy will not provide adequate shareholder returns pointing to recent asset sales of non-core businesses that represented some $200 million of Axiall's annual revenue, but resulted in only $41.1 million of proceeds.

Westlake also recently nominated 10 people as board members for Axiall with their introductions set to be made during Axiall’s annual meeting.

Axiall has yet to name a date for that meeting, which led Westlake on Monday to state: “We are concerned, as all Axiall shareholders should be, that the Company's actions may be intended to delay the Annual Meeting, and therefore the opportunity for shareholders to voice their concerns in a formal manner.”

“We urge Axiall shareholders to let your management know that they should start discussions with Westlake without further delay,” Westlake stated. –- Samantha Hartke

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