Make your products visible globally with Elite Membership.
I agree to the terms and conditions
Existing User?
Sign In with Email
Remember Me Forgot Password?
New User?
Enter your registered Email ID to get reset password.
Elite Member
Individual Register
HOUSTON, US: Westlake Chemical Corporation following acquisition discussions with Georgia Gulf’s management, notified Georgia Gulf that Westlake has withdrawn its proposal to acquire all of the outstanding shares of common stock of Georgia Gulf and does not intend to continue to pursue a transaction with Georgia Gulf. The company also stated that it plans to liquidate its holdings of Georgia Gulf common stock as market conditions permit.
Westlake had made a $1.1-billion unsolicited takeover bid for Georgia Gulf on January 13, but that offer was rejected. In mid-February, Westlake increased its bid for Georgia Gulf by 17 per cent to $35/share - or $1.3 billlion - and also agreed to offer a portion of the purchase price in Westlake shares. Georgia Gulf rejected the additional offer, mentioning that the revised offer was “far from compelling and does not represent an appropriate price for us to discuss the sale of Georgia Gulf.”
While stating the withdrawal, “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. We believe that we are well-positioned for future success,” said Albert Chao, President & CEO, Westlake.
© WOC News
Login
FLORHAM PARK, US: BASF plans to build a state-of-the-art production plant for formic acid at its integrated “Verbund” site in Geismar, Lou ...
ESSEN, GERMANY/JOHANNESBURG, SOUTH AFRICA: Evonik Industries established a joint venture, Evonik Acrylics Africa, with the South African plastics proc ...
ZHANGJIAGANG, CHINA: Infineum had signed a letter of intent with Zhangjiagang Industrial Park in Jiangsu Province, as the first step in the process ai ...
SEOUL, SOUTH KOREA: South Korea’s lawmakers approved a national emissions trading scheme to tackle its growing greenhouse gas emissions, overcom ...
CALIFORNIA, US: Nitrogen fertilisers emit nitrous oxide, potent greenhouse gas which is 300 times more powerful than carbon dioxide. Though it reaches ...
ENGLEWOOD, US: Gevo Inc commented on the US Patent and Trademark Office’s (USPTO) decision to deny Butamax Advanced Biofuels request to reexamin ...
Stay updated with the latest chemical industry trends and innovations.
Verification Code has been sent to
Please enter the Verification Code below to verify your Email Address.If you cannot see the email from "noreply@worldofchemicals.com" in your inbox,make sure to check your SPAM Folder