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Shares of Georgia Gulf are up nearly 35% today after the company received a buyout offer from Westlake Chemical Corporation.
Westlake Chemical Corporation
WLK announced today that it has
submitted a proposal to Georgia Gulf Corporation
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.
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