Houston-based Westlake Chemical said Friday that it
withdrew its proposal to acquire US-based vinyls and aromatics
company Georgia Gulf after failing to strike an agreeable
The company said that following talks with Georgia Gulf's
management under the terms of a confidentiality agreement, it
notified Georgia Gulf that it had withdrawn its proposal and
does not intend to continue to pursue a deal.
Westlake, a manufacturer and supplier of petrochemicals, polymers and
building products, also said it plans to liquidate its
holdings of Georgia Gulf common stock as market conditions
"We are disappointed in this result but we continue to work
on our previously announced important strategic initiatives as
well as to look for other opportunities to grow our
business, said Albert Chao, CEO of Westlake.
We believe that we are well-positioned for future
Westlake made its first bid to acquire Georgia Gulf in
January. Once rejected, it raised the offer in early February.