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 deal.
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with Georgia Gulf's management under the terms of a confidentiality agreement, it notified Georgia Gulf that it had withdrawn its proposal and does not intend to continue to pursue a deal.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 permit.
"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 success."
Westlake made its first bid to acquire Georgia Gulf in January. Once rejected, it raised the offer in early February.