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Wednesday, April 7, 2010 as of 11:14 AM ET

Westlake Chemical

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Georgia Gulf Again Rejects Westlake Bid

Westlake Chemical Corp.

on Wednesday said it made a bid to acquire Georgia Gulf Corporation for $35 a share in cash, but Georgia Gulf rejected the offer. "Based on our discussions with a number of Georgia Gulf's shareholders, we now know that they are very interested in seeing this transaction completed," Westlake CEO Albert Chao said. "Westlake's increased proposal delivers an immediate and significant premium, and represents superior value compared to what Georgia Gulf's market value would be absent a transaction and on a standalone basis." Last month, Georgia Gulf rejected a $30 per-share bid, calling it "an opportunistic attempt" to buy the company during an "unprecedented downturn in the industries we serve and a volatile public equity market."Copyright © 2012 MarketWatch, Inc....

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