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(hydrocarbonprocessing) --
Houston-based Westlake Chemical said Friday that it withdrew its proposal to
acquire US-based vinyls and aromatics company Georgia Gulf after failing to
strike an agreeable deal.
The company said that following talks with
Georgia Gulf's management under the terms of a confidentiality agreement, it
notified Georgia Gulf that it had withdrawn its proposal and does not intend to
continue to pursue a deal.
Westlake, a manufacturer and supplier of
petrochemicals, polymers and building products, also said it plans to liquidate
its holdings of Georgia Gulf common stock as market conditions
permit.
"We are disappointed in this result but we continue to work on
our previously announced important strategic initiatives as well as to look for
other opportunities to grow our business,” said Albert Chao, CEO of
Westlake.
“We believe that we are well-positioned for future success."
Westlake made its first bid to acquire Georgia Gulf in January. Once rejected,
it raised the offer in early February. |
