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Axiall sets annual meeting date; Westlake urges vote for new board
HOUSTON, May 4, 2016 (PCW) -– Axiall Corporation on Wednesday set the date for its annual stockholder meeting for June 17, setting the stage for what could be a deciding showdown in the ongoing hostile takeover bid by Westlake Chemical.
In late January, Westlake made a $2.9 billion offer to buy Axiall, upping the asking price to $3.1 billion last month, which was rejected by Axiall.
Westlake has since urged stockholders to vote in an entirely new board of directors, which it has proposed.
On Wednesday, Axiall revealed that it also has “furnished substantial information to and held discussions with a number of third parties regarding its business and prospects, as well as synergies that could be available in a combination involving the company.”
Westlake quickly shot back Wednesday with a press release of its own, urging stockholders to vote in its slate of board director nominees.
Westlake also stated Axiall “has a track record of value destruction, strategic missteps and failure to deliver on expectations,” adding “these mis-steps have contributed to negative 99% total shareholder return over the past decade.”
Additionally, Westlake asked shareholders to stop Axiall’s sale of its integrated building products business. –- Samantha Hartke