Georgia Gulf Rejects Westlake’s Increased $1.2 Billion Offer

Georgia Gulf Corp., North America’s largest maker of vinyl construction products, rejected a sweetened $1.2 billion unsolicited takeover offer from Westlake Chemical Corp. as too low.

Westlake raised its offer by 17 percent to $35 a share, from the prior $30 bid, the Houston-based company said today in a statement. Georgia Gulf said in a filing it rejected the higher offer made on Jan. 27 and its “true intrinsic value” is “well above prevailing stock market prices.”