Westlake (WLK) Comments on Rejected Georgia Gulf (GGC) $30/Share Proposal
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Westlake Chemical Corporation (NYSE: WLK) issued the following statement on Georgia Gulf Corporation’s (NYSE: GGC) rejection of Westlake’s proposal to acquire Georgia Gulf for $30.00 per share in cash and its Board’s decision to adopt a “poison pill”:
"Georgia Gulf’s Board is once again standing in the way of its shareholders receiving immediate value and a substantial premium. Georgia Gulf’s rejection of our proposal and their adoption of a “poison pill” is entirely consistent with its Board’s entrenched approach and refusal to come to the table to negotiate in good faith.
“We have made a fair and compelling proposal that offers superior value to Georgia Gulf shareholders as compared to its existing strategy and standalone share price prospects. We have also repeatedly said we would be willing to consider any opportunities that exist to justify increasing our offer. Unfortunately Georgia Gulf’s Board has refused to allow us to explore these opportunities and has instead insisted on a standstill arrangement that would unreasonably restrain their shareholders’ ability to timely consider our proposal.
“Last night’s response from Georgia Gulf demonstrates why Westlake had no choice other than to take our compelling proposal directly to Georgia Gulf’s shareholders and we urge those shareholders to make it clear to Georgia Gulf’s Board that they should immediately begin negotiations with us about getting a transaction done.”
"Georgia Gulf’s Board is once again standing in the way of its shareholders receiving immediate value and a substantial premium. Georgia Gulf’s rejection of our proposal and their adoption of a “poison pill” is entirely consistent with its Board’s entrenched approach and refusal to come to the table to negotiate in good faith.
“We have made a fair and compelling proposal that offers superior value to Georgia Gulf shareholders as compared to its existing strategy and standalone share price prospects. We have also repeatedly said we would be willing to consider any opportunities that exist to justify increasing our offer. Unfortunately Georgia Gulf’s Board has refused to allow us to explore these opportunities and has instead insisted on a standstill arrangement that would unreasonably restrain their shareholders’ ability to timely consider our proposal.
“Last night’s response from Georgia Gulf demonstrates why Westlake had no choice other than to take our compelling proposal directly to Georgia Gulf’s shareholders and we urge those shareholders to make it clear to Georgia Gulf’s Board that they should immediately begin negotiations with us about getting a transaction done.”
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