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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 CEST

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 Westlake Chemical Corporation) said it has withdrawn its $1.9 billion offer to acquire Georgia Gulf Corp (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 Westlake Chemical Corporation) said it has withdrawn its $1.9 billion offer to acquire Georgia Gulf Corp (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 2017 7 424 M
EBIT 2017 973 M
Net income 2017 524 M
Debt 2017 2 808 M
Yield 2017 1,26%
P/E ratio 2017 15,79
P/E ratio 2018 14,66
EV / Sales 2017 1,50x
EV / Sales 2018 1,43x
Capitalization 8 334 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 68,2 $
Spread / Average Target 5,6%
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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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