Westlake Chemical says Axiall rejects $1.4 bln offer

Fri Jan 29, 2016 8:27am EST
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Jan 29 (Reuters) - Westlake Chemical Corp said chemical and building products maker Axiall Corp had rejected its $1.4 billion cash-and-stock offer.

Westlake offered $11 in cash and 0.1967 of its stock for each Axiall share, which works out to $20 per share, based on Westlake's Thursday close.

The offer represents a premium of more than 100 percent to Axiall's last close of $9.80. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)