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Westlake to submit revised bid to buy out Axiall
HOUSTON, May 23, 2016 (PCW) -– Westlake Chemical on Monday said it plans to submit a revised buyout bid for Axiall by June 3, but still intends to try to remove Axiall’s current board of directors during the latter company’s annual meeting on June 17.
Last Friday, Axiall reopened its data room to Westlake and requested Westlake to submit a revised proposal.
“Westlake will continue to proceed with its current proxy contest to replace Axiall's Board in light of the uncertainty as to whether Axiall's announced process to consider strategic alternatives will conclude, if at all, in advance of Axiall's annual meeting on June 17, 2016,” Westlake said Monday.
In late January, Westlake made a $2.9 billion offer to buy Axiall, upping the asking price to $3.1 billion in April, which was rejected by Axiall. -– Samantha Hartke