- Westlake Chemical (WLK +0.2%) again reaches out to Axiall (AXLL +0.9%) shareholders in a bid to jump-start negotiations for its proposed corporate takeover.
- In a letter, WLK CEO Albert Chao urges AXLL shareholders to encourage their company to enter into discussions with WLK concerning its proposal to acquire AXLL for $20/share (comprised of $11 in cash and 0.1967 of a WLK share, which represented a value of $9 based on WLK's closing price on Jan. 22, the last trading day before the proposal).
- Chao touts the deal as an opportunity to create one of the leading manufacturers of olefins, chlorine and vinyl building materials.