Westlake To Buy Axiall For $33.00/shr - Quick Facts

(RTTNews) - Westlake Chemical Corp. (WLK) and Axiall Corp. (AXLL) announced they have entered into a definitive agreement under which Westlake will acquire all of the outstanding shares of Axiall for $33.00 per share in an all-cash transaction, representing an enterprise value of approximately $3.8 billion, including debt and certain other Axiall liabilities.

The combined company will be the third-largest chlor-alkali producer and the second-largest PVC producer in North America, with expected combined pro forma revenues of $7.6 billion and EBITDA of $1.5 billion for the last 12 months ended first quarter, 2016.

The transaction is expected to be completed by the fourth quarter of 2016. Westlake has agreed to withdraw its nomination of a slate of director nominees at Axiall's upcoming annual meeting of stockholders on June 17, 2016.