Axiall Says Westlake's Takeover Proposal Is 'An Opportunistic Attempt To Take Advantage OF Challenging Public Equity Market Conditions'i

Westlake Chemical Corporation (NYSE: WLK) announced on Tuesday that it plans on nominating a slate of 10 independent individuals to Axiall Corp (NYSE: AXLL)'s Board of Directors.Westlake has offered to acquire Axiall in a deal that values its stock at $20 per share.Related Link: Westlake Chemical Will Nominate 10 Individuals To Axiall's Board Of DirectorsAxiall responded to Westlake's notice in a press release. The company suggested that Westlake's nomination is a "clear attempt to force a sale" at a price that "significantly undervalues Axiall's assets and its long-term prospects." The company added that its share price has traded above the $20 per share mark for "more than 90 percent of the past 3 years."Axiall also suggested that Westlake's slate of directors "would have inherent conflicts given Westlake's focus on acquiring Axiall.""The Axiall Board is composed of ten highly qualified directors, eight of whom are independent, and all of whom are elected annually. All of Axiall's Board members are active, engaged and highly experienced professionals with diverse operations and management experience at the highest levels of both public and private companies," Axiall added in its press release. "Axiall's Board members bring significant and broad industry expertise across a range of disciplines that are critical to Axiall's business, particularly in chemicals, and consumer and industrial products, including substantial hands on experience in the chlor-alkali businesses. Since 2012, Axiall has appointed five new directors, each of whom brings a fresh perspective to the Board.