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Westlake Makes $1.1-billion Unsolicited Bid for Georgia Gulf

4:00 PM MST | January 23, 2012 | —Lindsey Bewley and Vincent Valk

Chao: Westlake seeks #2 position in PVC. Westlake Chemical has made an unsolicited $1.1-billion bid for rival vinyls maker Georgia Gulf. The $30/share all-cash offer was 22% above Georgia Gulf’s closing share price on January 12, the day before the bid was announced. Georgia Gulf’s board rejected Westlake’s takeover offer on January 16, terming the offer “inadequate and highly opportunistic.” The bid “takes advantage of a dislocation in public market valuations to deprive Georgia Gulf shareholders of the intrinsic value of...

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