Notable Mergers and Acquisitions of the Day 1/13: [(WLK)/(GGC) (IGT)]

• Westlake Chemical Corporation (NYSE: WLK) announced today that it has submitted a proposal to Georgia Gulf Corporation (NYSE: GGC) to acquire all of the outstanding shares of Georgia Gulf for $30.00 per share in cash. The proposal represents a 51% premium to Georgia Gulf’s 30-day volume-weighted average share price of $19.82. Westlake’s proposal is not subject to a financing condition. Westlake expects the transaction would be accretive to earnings in the first fiscal year after the close of the transaction. Westlake also noted that it has acquired shares representing approximately 4.8% of the outstanding common shares of Georgia Gulf.
  
  The combination of Westlake and Georgia Gulf would create one of the leading North American olefins, vinyls, and building products producers, with increased scale in the growing global vinyls market and with additional growth opportunities. Acquiring Georgia Gulf would enable Westlake to become a leading PVC resins producer and vinyl-based building products supplier, and would provide Westlake with opportunities to expand its global product offerings.
  
  
• International Game Technology (NYSE: IGT) confirming it has reached a definitive agreement to acquire Double Down Interactive LLC – a leading online social gaming company and developer of the popular DoubleDown™ Casino found on Facebook.
  
  The total consideration includes $250 million in cash, $85 million in retention payments over the next two years and up to $165 million in cash payable over the next three years subject to Double Down meeting certain financial performance targets. IGT expects to fund the transaction from cash on hand.

You May Also Be Interested In

• Etsy upgraded to buy at BofA on durable growth, buyback potential
• ACRES Commercial Realty says labor dispute is hindering hotel sale
• SentinelOne Inc (S) PT Raised to $26 at Cantor Fitzgerald Following Strong Q2 Checks