Westlake submits proposal to acquire shares of Georgia Gulf

Albert Chao, President and Chief Executive Officer, Westlake.

HOUSTON, US: Westlake Chemical Corporation announced that it has submitted a proposal to Georgia Gulf Corporation to acquire all of the outstanding shares of Georgia Gulf for $30 per share in cash. The proposal represents a 51 per cent premium to Georgia Gulf’s 30 day volume-weighted average share price of $19.82. Westlake’s proposal is not subject to a financing condition. Westlake also noted that it has acquired shares representing approximately 4.8 per cent of the outstanding common shares of Georgia Gulf.

“Since the initial delivery of our proposal on September 20, 2011, we have made numerous attempts to engage in meaningful dialogue with Georgia Gulf and have expressed our willingness to explore, pursuant to a customary confidentiality agreement, whether opportunities exist that would justify increasing our proposal price. However, Georgia Gulf has been unwilling to provide us with information,” said Albert Chao, President and Chief Executive Officer, Westlake.

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