Westlake Chemicals increases offer Georgia Gulf
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Westlake Chemicals increases offer for Georgia Gulf

9:56 PM, 1st February 2012
Westlake Chemicals increases offer for Georgia Gulf
Albert Chao, President and CEO, Westlake.

HOUSTON, US: Westlake Chemical Corporation announced that it has submitted a revised proposal to the board of Georgia Gulf Corporation to acquire all the outstanding shares of Georgia Gulf for $35.00 per share in cash. The company also announced that Georgia Gulf has rejected this increased offer. The revised proposal represents a 17 per cent increase to Westlake’s previous offer of $30.00 per share. In response to direct feedback from Georgia Gulf’s shareholders, Westlake also stated in a letter to Georgia Gulf that it is willing to pay a portion of the merger consideration in Westlake common stock to allow Georgia Gulf’s shareholders to share in the value creation and synergies of the proposed combination and participate in Westlake’s advantaged ethylene position.

“We would again ask the Georgia Gulf Board to move forward to achieve a transaction that will benefit its shareholders. If the current Georgia Gulf Board is unwilling to proceed based on our premium $35 proposal, we would be prepared to negotiate with a board that more closely reflects the views of Georgia Gulf’s shareholders, many of whom favour moving forward promptly with a combination of Georgia Gulf and Westlake,” said Albert Chao, President and CEO, Westlake.

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