Analysts have a consensus target price of $22.89 in the 12-month period. The price objective is 4.09% higher than the recent closing price of $21.99. The 52-week price range is $8.97-$45.23 and the company has a market capitalization of $1.53 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. One analyst has rated the stock with a sell rating, 2 has assigned a hold rating, 0 says it’s a buy, and 3 have assigned a strong buy rating to the company.
On April 4, 2016 Axiall Corp (AXLL) confirmed that it has received, and rejected, a revised proposal from Westlake Chemical Corporation (WLK) to acquire all of the outstanding common shares of Axiall for a consideration of $14.00 cash and 0.1967 Westlake shares per Axiall share, or approximately $23.12 per share based on the closing price of Westlake common stock on March 29, 2016 (the “Revised Proposal”).
Axiall noted that it actively engaged in discussions with Westlake over the past several weeks in an effort to see if Westlake was willing to make a revised proposal that appropriately reflects the high quality of Axiall’s assets, the significant growth potential of its business and the powerful synergies available in a combination. The Axiall Board of Directors, in consultation with its legal and financial advisors, carefully reviewed, considered and unanimously rejected the Revised Proposal.
On March 31, 2016, Axiall sent a letter to Westlake noting that Westlake had submitted a revised indication of value prior to any meaningful discussion of the very substantial synergies between the two companies, estimated by Axiall to be as high as $270 million annually, $210 million more than the $60 million in synergies underlying Westlake’s proposal. The letter also noted that despite its request, Axiall was not provided the opportunity to conduct due diligence with respect to Westlake’s business, which it would need given the substantial stock component to Westlake’s proposal.
Axiall Corporation manufactures and markets chemicals and building products in the United States and internationally. It operates through two segments, Chlorovinyls and Building Products. The Chlorovinyls segment produces chlor-alkali and derivative products, including chlorine, caustic soda, vinyl chloride monomer, and vinyl resins; other chlor-alkali and derivative products comprising chlorinated ethylene, calcium hypochlorite, and hydrochloric acid; and compound products, such as vinyl compounds, and compound additives and plasticizers.
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