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Westlake Drops Bid for Georgia Gulf (UPDATED)
7:37 AM MDT | May 8, 2012 | Lindsey Bewley
Westlake Chemical says it has abandoned its $1.3-billion unsolicited bid to acquire Georgia Gulf, and will 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,” says Albert Chao, president and CEO of Westlake. Westlake announced in March it would abandon its bid for Georgia Gulf if the rival vinyls maker did not enter...
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