Westlake Chemical Proposes to Acquire Axiall for $20.00/Share In Cash, Stock

Westlake Chemical Corporation

announced today that it has submitted a proposal to acquire all of the outstanding shares of Axiall Corporation

for $20.00 per share (comprised of $11.00 in cash and 0.1967 of a Westlake share, which represented a value of $9.00 based on Westlake's closing price on January 22, 2016, the last trading day before Westlake made its proposal). The proposal, which has been summarily rejected by the Axiall Board, represented a significant premium of 108% to Axiall's closing price of $9.60 on January 22, 2016. The total value of the proposed transaction is approximately $2.9 billion, including the assumption of certain Axiall liabilities, which include approximately $1.5 billion of debt outstanding as of September 30, 2015. Albert Chao, Westlake's President and Chief Executive Officer, said, "We are surprised and disappointed by Axiall's summary rejection of our proposal, which provides Axiall shareholders with a significant premium and upside potential via their participation in the