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Westlake Says It May Drop Bid Unless Georgia Gulf Changes

Georgia Gulf Corp. fell as much as 3.4 percent after Westlake Chemical Corp. said it likely will withdraw its $1.2 billion unsolicited takeover offer unless Georgia Gulf decides to reconsider the bid.

“We have not withdrawn our proposal so far,” Westlake Chief Executive Officer Albert Chao, whose family controls about 69 percent of the Houston-based company, said today on an earnings conference call. “If we do not see a real change in approach from the Georgia Gulf’s board and management, we likely will.”

Georgia Gulf, based in Atlanta, fell 1.8 percent to close at $34.05 in New York.

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