Westlake Chemical Purchases 1 Billion U.S. Dollar to Purchase Georgia Gulf
On the morning of January 14th, Beijing time, Westlake Chemical issued a $1.03 billion takeover offer to competitor Georgia Gulf Corp (NYSE:GGC) on Friday to expand its plastics and building products. Supply of chemicals. Westlake Chemical's offer for Georgia Gulf shares is $30 per share, a 23% premium over the stock's closing price on Thursday. In a letter to the Georgia Gulf Board of Directors, Albert Chao, CEO of Westlake Chemical, said that the company had previously rejected Xihu Chemical’s first tender offer in September last year. He said: "We have tried several times to engage in a meaningful dialogue with the Georgia Gulf, and have stated that we are willing to explore whether there is an opportunity to increase the price," but the Georgia Gulf refused to start negotiations on this. If the acquisition is successful, Westlake Chemical will become one of the largest ethylene producers in North America and will increase its ethylene production. Westlake Chemical currently owns a 4.8% stake in Georgia Gulf. The company stated that its offer is not subject to a financing condition. Deutsche Bank and Morgan Stanley will act as financial advisors to Westlake Chemical in this transaction.
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