Westlake Chemical Withdraws Proposal To Acquire Georgia Gulf
Westlake Chemical Corporation (NYSE: WLK) today announced that following acquisition discussions with Georgia Gulf's management under the terms of a confidentiality agreement, it notified Georgia Gulf that Westlake has withdrawn its proposal to acquire all of the outstanding shares of common stock of Georgia Gulf Corporation (NYSE: GGC) and does not intend to continue to pursue a transaction with Georgia Gulf. The company also stated that it plans to liquidate its holdings of Georgia Gulf common stock as market conditions permit.
Albert Chao, President & CEO of Westlake, stated, "We are disappointed in this result but we continue to work on our previously announced important strategic initiatives as well as to look for other opportunities to grow our business. We believe that we are well-positioned for future success."
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