Axiall Corporation (AXLL) - NYSE
  • Fri, Jun. 10, 12:48 PM
    | Fri, Jun. 10, 12:48 PM | 2 Comments
  • Fri, Jun. 10, 9:44 AM
    • Westlake Chemical (WLK +2.3%) agrees to acquire Axiall (AXLL +25.7%) for $33/share, a 28% premium to yesterday's closing price, representing an enterprise value of ~$3.8B including debt.
    • The combined company will be the third-largest chlor-alkali producer and the second-largest PVC producer in North America, with expected combined pro forma revenues of $7.6B and EBITDA of $1.5B for the 12 months ended Q1 2016.
    • WLK expects the transaction to be accretive to its earnings in the first year following the close and expects ~$100M in annualized cost synergies.
    • AXLL had rejected two earlier offers from WLK, including a sweetened bid in early April of $23.35/share in cash and stock, and South Korea’s Lotte Chemical said earlier this week that it had made a bid.
    | Fri, Jun. 10, 9:44 AM | 8 Comments
  • Tue, Jun. 7, 9:13 AM
    | Tue, Jun. 7, 9:13 AM
  • Tue, Jun. 7, 7:59 AM
    • Axiall (NYSE:AXLL) +6.2% premarket after South Korea's Lotte Chemical says it has submitted a takeover bid for the U.S. chemicals company; the terms of the bid are not known.
    • The move sets up Lotte as a potential white knight for AXLL, which is trying to fight off a takeover attempt by Westlake Chemical (NYSE:WLK); AXLL this year has rejected two unsolicited bids from WLK, which has launched a proxy fight and is urging approval of its slate of candidates to replace AXLL's board at the June 17 annual shareholder meeting.
    • Lotte formed a venture with AXLL last year to build a plant for making ethylene in the U.S. with production to start in 2018.
    | Tue, Jun. 7, 7:59 AM | 5 Comments
  • Mon, May 23, 12:59 PM
    • Axiall (AXLL +2.9%) is higher after expressing an openness to consider a revised takeover offer from Westlake Chemical (WLK -0.1%).
    • WLK says it will either submit a new offer or reaffirm its previous $1.6B bid at $23.35/share after AXLL CFO Gregory Thompson asked for the company to submit a new offer by June 3, in advance of AXLL’s June 17 shareholders meeting.
    • WLK says it will continue to proceed with its current proxy contest to replace AXLL's board.
    • Now read Westlake will work for longs
    | Mon, May 23, 12:59 PM
  • Mon, Apr. 25, 3:48 PM
    • Westlake Chemical (WLK -1.8%) nominates nine candidates to replace Axiall's (AXLL -1.4%) board, saying the current board’s rejection of its improved takeover offer three weeks ago is not in the best interests of shareholders.
    • WLK says AXLL's "track record of value destruction and underperformance, repeated failed attempts to deliver on expectations, and in-process initiatives" are unlikely to generate value creation "anywhere near" that of its proposal.
    • WLK also says AXLL has not yet set a date for its annual meeting and tha the company may seek to delay the meeting and an opportunity for AXLL shareholders to voice their concerns in a formal manner.
    • Now read Axiall investors need to consider Westlake Chemical's interest
    | Mon, Apr. 25, 3:48 PM
  • Thu, Mar. 10, 3:19 PM
    • Axiall (AXLL +2%) is upgraded to Outperform from Market Perform with a $25 price target, up from $17, at Cowen, which expects Westlake Chemical (WLK +1.5%) will raise its takeover bid to at least $25 or that AXLL's actions will enhance a combination at a later date.
    • Cowen also thinks AXLL, excluding its building products business, could bring additional bidder interest due to its "pure play status.”
    • The firm believes AXLL’s FY 2017 EPS are set to increase by $0.54 in case of a $25/share offer and by $0.45 in case of a $30/share offer, assuming annual synergies of $60M.
    | Thu, Mar. 10, 3:19 PM
  • Fri, Jan. 29, 12:44 PM
    | Fri, Jan. 29, 12:44 PM
  • Fri, Jan. 29, 9:15 AM
    | Fri, Jan. 29, 9:15 AM
  • 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
  • Nov. 17, 2015, 4:49 PM
    • Axiall (NYSE:AXLL) appoints Timothy Mann as its new President and CEO after filling the roles in an interim capacity since July.
    • Mann had served earlier as executive VP responsible for strategy, as well as general counsel and secretary; prior to joining AXLL, he was a partner at the Jones Day law firm, where he focused mostly on M&An activities.
    • AXLL +1.7% AH.
    | Nov. 17, 2015, 4:49 PM
  • Sep. 2, 2015, 10:05 AM
    • UBS upgrades Olin (OLN -2.5%) to Neutral from Sell, believing OLN will be supported by its ~4% dividend yield and cost savings potential given the upcoming Reverse Morris Trust with Dow Chemical's chlorine-based business, but downgrades peer Axiall (AXLL -4.7%) to Sell from Neutral.
    • Although underlying fundamentals are challenged, UBS prefers OLN over AXLL on a relative basis since OLN has a 4% yield and AXLL pays no dividend, OLN should close its Reverse Morris Trust with Dow in early October, and AXLL is still the only major vinyls provider that is not back integrated to ethylene.
    | Sep. 2, 2015, 10:05 AM | 4 Comments
  • Jul. 6, 2015, 10:56 AM
    • Axiall (AXLL +3.1%) says Paul Carrico has retired as President, CEO and a board member, effective immediately, with no explanation given.
    • Timothy Mann Jr., executive VP of strategy, general counsel and secretary, will serve as interim President and CEO.
    • Franklin Resources, which owns a 6% active stake in AXLL, has said it believes the company should be more aggressive in taking actions to increase stockholder value.
    | Jul. 6, 2015, 10:56 AM
  • May 6, 2015, 11:18 AM
    • The big drop this morning in Axiall (AXLL -9.4%) is attributed to comments on the company's conference call discussing yesterday's IRS ruling on publicly traded partnerships.
    • AXLL says it is reviewing the IRS ruling but does not yet have an update on its private-letter ruling or the ultimate outcome of the rule-making process (Briefing.com).
    • Yesterday, the IRS proposed new rules that would bar chemical manufacturers from forming MLPs; Westlake Chemical Partners (WLKP -14.2%) also is slammed for a second straight day, but WLK +2.4%.
    | May 6, 2015, 11:18 AM | 3 Comments
  • Apr. 30, 2015, 5:40 PM
    | Apr. 30, 2015, 5:40 PM
  • 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
Company Description
Axiall Corp. manufactures and markets chemicals and building products. It operates through three segments: Chlorovinyls, Building products, and Aromatics. The Chlorovinyls segment produces an integrated chain of products, including chlor-alkali and derivative products, such as chlorine, caustic... More
Industry: Synthetics
Country: United States