ATLANTA — Georgia Gulf Corp., a manufacturer of vinyl construction products, rejected a buyout offer from Westlake Chemical Corp., saying the offer was “financially inadequate,” according to a press release.
Westlake offered to acquire Gulf for $30.00 per share.
“The Georgia Gulf Board and management team are committed to enhancing value for all stockholders and as such we have carefully reviewed Westlake’s unsolicited proposal,” said Paul Carrico, president and CEO. “After careful consideration, Georgia Gulf’s Board determined that Westlake’s proposal is financially inadequate and not in the best interest of Georgia Gulf stockholders. We believe the Westlake proposal is an opportunistic attempt to acquire the Company’s uniquely positioned assets as we recover from an unprecedented downturn in the industries we serve and a volatile public equity market, and thereby deprive our stockholders of the Company’s inherent value.”