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Westlake Chemical Reports Filing of Definitive Proxy Statement, Investor Presentation Related to Axial Annual Meeting

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Westlake Chemical Corporation (NYSE: WLK) today announced it has filed a definitive proxy statement with the Securities and Exchange Commission and updated its investor presentation in connection with its nomination of nine highly-qualified and independent candidates for election to Axiall's Board of Directors at the 2016 Annual Meeting of Axiall Corporation (NYSE: AXLL).

In the updated investor presentation, which can be accessed at www.WestlakeAxiall.AcquisitionProposal.com, the Company noted:

Westlake's compelling revised proposal represents a substantial premium of over 143% to Axiall's closing price on January 22, 2016, the last trading day before Westlake submitted its initial proposal;
Axiall shareholders will share in the benefits from approximately $90-100 million in expected synergies, which Westlake has increased from its initial estimate of $60 million. Westlake increased its synergy estimate after Axiall allowed it to conduct due diligence, and this information enabled Westlake to increase its proposal price, which was announced on April 4, 2016;
Axiall's refusal to negotiate regarding Westlake's revised proposal left Westlake with no alternative other than to take its proposal directly to Axiall's shareholders and nominate an alternate slate of directors;
How Westlake's proposal provides Axiall shareholders with greater value and certainty than Westlake believes can be achieved by Axiall's standalone strategy; and
Axiall's track record of value destruction and underperformance, repeated failed attempts to deliver on expectations, and "in-process" initiatives that Westlake believes are unlikely to generate value creation anywhere near that of Westlake's proposal.
Westlake noted that Axiall has not yet set a date for its Annual Meeting and expressed its concern that Axiall intends to delay the meeting and therefore the opportunity for Axiall shareholders to voice their concerns in a formal manner.

For additional information about Westlake's proposal, slate of directors and updated investor presentation, please visit www.WestlakeAxiall.AcquisitionProposal.com.

Posted-In: News Guidance M&A Press Releases

 

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