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Westlake Chemical made a USD30/share bid to acquire all outstanding shares of Georgia Gulf

January 16/2012

(ICIS) -- Westlake Chemical has made a USD30/share (EUR23/share) bid valued at more than USD1bn (EUR780m) to acquire all outstanding shares of Georgia Gulf, the US chemicals firm said on Friday. Westlake said it first approached Georgia Gulf on 20 September with its proposal.

However, Georgia Gulf has been unwilling to provide us with information that would allow us to explore these opportunities or to enter into substantive discussions, Westlake added. Georgia Gulf did not immediately return a call seeking comment. Georgia Gulf had nearly 34m outstanding shares, according to a regulatory filing made in March, 2011.

Westlake said its bid reflects a 51% premium to Georgia Gulfs 30-day volume-weighted average share price of USD19.82, and a 66% premium to Georgia Gulfs volume-weighted average closing share price of USD18.02 since the initial offer from 20 September. Georgia Gulf's shares were up USD8.81 to USD33.29/share at 09:49 hours New York time (14:49 hours GMT). Westlake, which already holds 4.8% of Georgia Gulfs shares, said its all-cash proposal is not subject to financing conditions.

Author:Marina Ivanova
Category:General News
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