Georgia Gulf Up Nearly 35% After Acquisition Offer
Shares of Georgia Gulf are up nearly 35% today after the company received a buyout offer from Westlake Chemical Corporation.
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.
