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4-Traders Homepage  >  Equities  >  Nyse  >  Westlake Chemical Corporation    WLK

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Westlake Chemical pulls $1.9 billion offer for Georgia Gulf

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05/04/2012 | 10:45pm CET

Commodity chemicals maker Westlake Chemical Corp (>> Westlake Chemical Corporation) said it has withdrawn its $1.9 billion offer to acquire Georgia Gulf Corp (>> Georgia Gulf Corporation), following talks with its smaller peer's management.

Commodity chemicals maker Westlake Chemical Corp (>> Westlake Chemical Corporation) said it has withdrawn its $1.9 billion offer to acquire Georgia Gulf Corp (>> Georgia Gulf Corporation), following talks with its smaller peer's management.

Shares of Georgia Gulf fell 9 percent to $31.30 in post-market trade on Friday.

Westlake also said it plans to liquidate its holdings of Georgia Gulf common stock as market conditions permit.

The company, in February, had threatened to withdraw its sweetened $1.9 billion offer, or $35 a share, for Georgia Gulf.

"We are disappointed in this result but we continue to work on our previously announced important strategic initiatives," said Westlake Chief Executive Albert Chao.

Shares of Westlake, valued at $3.98 billion, rose 5 percent to $59.78 in after-market trade on Friday.

(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Saumyadeb Chakrabarty)

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Financials ($)
Sales 2016 5 041 M
EBIT 2016 716 M
Net income 2016 403 M
Debt 2016 2 957 M
Yield 2016 1,23%
P/E ratio 2016 18,10
P/E ratio 2017 13,44
EV / Sales 2016 2,11x
EV / Sales 2017 1,43x
Capitalization 7 705 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 62,0 $
Spread / Average Target 3,7%
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NameTitle
Yuan Chao President, Chief Executive Officer & Director
Yuan Chao Chairman
Mark Steven Bender CFO, Treasurer, SVP & Investor Relations Contact
Max L. Lukens Independent Director
Dorothy C. Jenkins Director
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