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Westlake files definitive proxy statement for Axiall 2016 annual meeting
HOUSTON, April 25, 2016 (PCW) -- Westlake Chemical Corp. announced today that it has filed a definitive proxy statement with the Securities and Exchange Commission and updated its investor presentation in connection with its nomination of a slate of nine candidates for election to Axiall Corp.’s board of directors at the Axiall 2016 annual meeting.
In the updated investor presentation, Westlake noted that its revised proposal represents a premium of 143% to Axiall’s closing price on January 22, 2016, the last trading day before Westlake submitted its initial proposal.
Westlake says that Axiall shareholders will share in the benefits from approximately $90-100 million in expected synergies, up from its initial estimate of $60 million. The synergy estimate was increased after Axiall allowed Westlake to conduct due diligence, which also enabled Westlake to increase its proposal price, which was announced on April 4, 2016.
According to Westlake, the proposed buyout provides Axiall shareholders with greater value and certainty than Axiall’s stand-alone strategy.
Westlake noted that Axiall has not yet set a date for its annual meeting, and expressed its concern that Axiall intends to delay the meeting and therefore the opportunity for Axiall shareholders to voice their concerns in a formal manner. -- Donna Todd