Westlake Chemical Corporation has provided the following update regarding its proposal to acquire all of the outstanding shares of Axiall Corporation:
- Since Axiall announced on 4 May 2016 that it was considering strategic alternatives, Westlake has sought to engage with Axiall on several occasions with respect to Westlake's proposal to acquire Axiall.
- On 20 May 2016, Axiall's CFO advised Westlake's CFO that Axiall had re-opened its data room to Westlake and requested that Westlake submit a revised proposal to acquire Axiall by 3 June 2016.
- Westlake currently intends to submit a revised proposal, or reaffirm its current proposal, on that date.
- Westlake will continue to proceed with its current proxy contest to replace Axiall's Board in light of the uncertainty as to whether Axiall's announced process to consider strategic alternatives will conclude, if at all, in advance of Axiall's annual meeting on 17 June 2016.
Westlake does not undertake any obligation to comment further on these matters.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/31052016/westlake-chemical-provides-axiall-corporation-acquisition-update-3414/