Houston-based Westlake Chemical Corp. (NYSE: WLK) plans to close its acquisition of Atlanta-based Axiall Corp. (NYSE: AXLL) on Aug. 31, assuming Axiall shareholders approve the transaction, according to a release.
Westlake revealed in June it will acquire Axiall for $33 per share in an all-cash deal valued at $3.8 billion, including the assumption of $1.4 billion of Axiall’s debt.
When the deal is complete, the combined company will be North America’s third-largest chlor-alkali producer and second-largest PVC producer. Westlake expects annual cost synergies of about $100 million.
In January, Westlake first proposed acquiring Axiall for $2.9 billion, including the assumption of Axiall’s $1.5 billion in debt, but that offer was rejected. Westlake then proposed a $3.1 billion deal in April, but that offer also was rejected.
After the deal was announced, Westlake agreed to withdraw its nomination of a slate of director nominees at Axiall’s annual shareholders meeting in June.