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UPDATE 1-Axiall accepts Westlake Chemical's raised $2.33 bln offer

Published 2016-06-10, 10:09 a/m
© Reuters. UPDATE 1-Axiall accepts Westlake Chemical's raised $2.33 bln offer
011170
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(Adds details, background, shares)
June 10 (Reuters) - Westlake Chemical Corp WLK.N reached a
deal to buy chemical producer Axiall Corp AXLL.N for $2.33
billion, after a six-month pursuit that included multiple bids
and a rival offer from South Korea's Lotte Chemical Corp
011170.KS .
Axiall's shares rose as much as 26 percent to $32.52 in
morning trading on Friday, but were slightly below the new cash
offer of $33 per share.
The deal has an enterprise value of about $3.8 billion,
including debt and other liabilities, Westlake said.
Westlake's last cash-and-stock offer in March was then
valued at $23.35 per share.
Lotte Chemical said on Tuesday that it had made an offer for
Axiall, but the South Korean company did not provide further
details.
Lotte Chemical already has a joint venture with
Atlanta-based Axiall, through which it plans to produce ethylene
in the United States.
Westlake, a Houston-based manufacturer and supplier of
petrochemicals, polymers and building products, said it was
looking forward to working with Lotte Chemical through the joint
venture.
Westlake, which had said in April that it would seek to
replace Axiall's board, said on Friday it had agreed to withdraw
its nominees.

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