Axiall Corporation

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  • Fri, Jan. 29, 8:31 AM
    • Axiall (NYSE:AXLL) +73.4% premarket after Westlake Chemical (NYSE:WLK) announces it offered to acquire the company in a cash and stock deal valued at $2.9B, including the assumption of ~$1.5B of debt.
    • WLK says its proposal was "summarily rejected" by AXLL's board.
    • WLK says it offered $20.00/share, a 108% premium to AXLL's closing price of $9.60 on Jan. 22, the last trading day before WLK made its proposal; the deal comprised of $11/share in cash and 0.1967 of a WLK share, which represented a value of $9 based on WLK's Jan. 22 closing price.
    | Fri, Jan. 29, 8:31 AM | 8 Comments
  • Mar. 27, 2015, 3:27 PM
    • In a dig at Third Point's Daniel Loeb, Dow Chemical (DOW +3.2%) CEO Andrew Liveris says his company's decisive move to shift out of the commodity chemicals business shows how “Dow continues to behave as our own best activist.”
    • Dow's deal to sell its chlor-alkali business to Olin (OLN +18.2%) in exchange for $2B and a 50.5% stake in the smaller company will create the world’s largest chlorine producer with 5.7B tons/year of production and $1B in EBITDA.
    • Citigroup’s P.J. Juvekar offers three reasons why the deal is good for shareholders: The chlor-alkali divestiture at 8x EBITDA is a great multiple for a commodity business, the Reverse Morris Trust deal makes it tax-free and a split-off will allow Dow to buy back its own shares efficiently - a similar move by PPG Industries was viewed very positively two years ago, and Dow will sell ethylene to OLN for 20 years and will receive an upfront payment of ~$400M.
    • Dow may still get rid of its agricultural chemicals business, which does not have a lot in common with the rest of the business; with $7.3B in sales and almost $1B in EBITDA last year, the unit could be worth $10B.
    • Juvekar says Axiall (AXLL +5%) also could benefit from the deal, seeing consolidation in the U.S. chlor-alkali industry as a positive, and OLN says it will look to optimize its expanded chlor-alkali asset base.
    | Mar. 27, 2015, 3:27 PM
  • Jan. 28, 2013, 10:20 AM

    PPG Industries (PPG -3.1%) sets a final exchange ratio for the split-off of its commodity chemicals business at 3.2562 shares of newly created Eagle Spinco for each PPG share. After PPG's acceptance, Eagle Spinco will merge with a subsidiary of Georgia Gulf (GGC +4.8%) and each Spinco share will convert to one GGC share; the closing of the merger then should conclude later today.

    | Jan. 28, 2013, 10:20 AM
  • Jan. 14, 2013, 9:29 AM

    Georgia Gulf (GGC) says Axiall Corp. will be the new company name upon completion of the merger with PPG's commodity chemicals business; the new NYSE ticker will be AXLL.

    | Jan. 14, 2013, 9:29 AM
  • Jan. 11, 2013, 8:26 AM

    Georgia Gulf (GGC) +1.2% premarket as shareholders approve the issuance of shares necessary to complete the pending merger with PPG's commodity chemicals business. Jim Cramer gives his blessing: While GGC is more economically sensitive than PPG because its chemicals are not proprietary, he thinks there's enough demand for its products to move the stock higher.

    | Jan. 11, 2013, 8:26 AM
  • Jul. 19, 2012, 8:11 AM

    PPG Industries (PPG) plans to separate its commodity chemicals business and merge it with Georgia Gulf (GGC) in a cash-and-stock deal worth $2.1B. PPG shareholders will receive 50.5% of the shares of the merged company, whose yearly revenue is projected at ~$5B. The deal is expected to close late this year or early 2013. PPG +1.6%, GGC +13.7% premarket.

    | Jul. 19, 2012, 8:11 AM
  • May 4, 2012, 4:28 PM

    Westlake Chemical (WLK) withdraws its $1.2B bid to buy Georgia Gulf (GGC) after a sweetened $35/share offer was rejected as too low. WLK says it plans to sell its 4.8% stake in GGC “as market conditions permit.” WLK +1.2%, GGC -9.5% AH.

    | May 4, 2012, 4:28 PM
  • Feb. 1, 2012, 8:01 AM

    Georgia Gulf (GGC) rejects an offer from Westlake Chemical (WLK) to buy it out for $35 per share. It's not the first time GGC has said no to WLK. (previous) GGC -7.3% premarket, WLK inactive.

    | Feb. 1, 2012, 8:01 AM
  • Jan. 17, 2012, 8:20 AM

    Georgia Gulf's (GGC) board rejects Westlake Chemical's (WLK) unsolicited $30/share acquisition bid and adopts a shareholder rights plan, saying Monday that the proposal is “financially inadequate and not in the best interest of Georgia Gulf stockholders.”

    | Jan. 17, 2012, 8:20 AM
  • Jan. 13, 2012, 3:21 PM

    Georgia Gulf (GGC +34%) trades nearly 10% higher than the $30/share offer from Westlake Chemical (WLK +7.6%), lending credence to comments by Telly Zachariades that he wouldn't be surprised to see a higher bid. The banker says M&A activity in the chemical sector will pick up steam in 2012 because of ample cash on the balance sheets of many big players.

    | Jan. 13, 2012, 3:21 PM
  • Jan. 13, 2012, 9:19 AM

    Georgia Gulf Corp. (GGC) rises 32%, to $24.48, after rival Westlake Chemical (WLK) submits a proposal to acquire the company for $30/share in cash. Georgia Gulf's current trading price suggests investors expect a higher bid to arrive. Westlake says a $30/share deal would be accretive to its earnings in the first fiscal year following the deal's closing.

    | Jan. 13, 2012, 9:19 AM
Company Description
Axiall Corp is a North American manufacturer and international marketer of chemicals and building products.
Industry: Synthetics
Country: United States