New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 14, 2013
07:27 EDTDD, APD, PX, LYB, CF, AGU, MOS, DOW, AXLL, MONSusquehanna to host a conference
Chemical Conference is being held in Boston on March 14.
News For AGU;APD;AXLL;CF;DD;DOW;LYB;MON;MOS;PX From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 >>
January 29, 2016
14:07 EDTDOWDow Chemical volatility elevated into Q4 and outlook
Subscribe for More Information
13:26 EDTAXLLAxiall rejects unsolicited proposal from Westlake Chemical
Axiall (AXLL) confirmed that it has rejected an unsolicited and conditional proposal from Westlake Chemical (WLK) to acquire all of the outstanding common shares of Axiall for a consideration of $20.00 per share in the form of $11.00 in cash and 0.1967 shares of Westlake stock. Axiall noted that Westlake's proposal was delivered to the company on Monday, Jan. 25, 2016, four days before Westlake's decision to publicly release the proposal. The Axiall Board of Directors, with the assistance of its financial and legal advisors, reviewed, considered and unanimously rejected the proposal within the timeframe requested by Westlake. "We believe that Westlake's proposal is an opportunistic attempt to take advantage of challenging public equity market conditions and significantly undervalues Axiall's assets and its long-term prospects," commented Timothy Mann, president and CEO. "The price of Axiall stock was at $20.18 as recently as Dec. 1, 2015. We remain committed to achieving our $100 million run rate cost reduction and productivity target by the end of 2016, as well as our investment in the LACC ethane cracker project with our joint venture partner Lotte Chemical. In addition, we are continuing to evaluate our entire portfolio of businesses and assets to identify opportunities to enhance shareholder value, including our sales process for the Building Products business."
13:25 EDTAXLLAxiall rejects unsolicited proposal from Westlake Chemical
Subscribe for More Information
13:02 EDTAXLLAxiall trading halted, pending news
Subscribe for More Information
12:12 EDTAXLLLargest Axiall holder wants negotiation with Westlake, Bloomberg says
Axiall's (AXLL) largest shareholder, Shapiro Capital Management, wants the company to negotiate with Westlake Chemical (WLK) and views Westlake's $20 per share offer as too low, Bloomberg reports, citing an interview with the fund's Chairman Sam Shapiro.
11:47 EDTAXLLAxiall downgraded to Market Perform from Outperform at Wells Fargo
Subscribe for More Information
09:21 EDTAXLLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Gigamon (GIMO), up 17.7%... Fortinet (FTNT), up 10%... Flextronics (FLEX), up 10%... Skyworks (SWKS), up 5.7%... Seagate Technology (STX), up 4.9%.. Microsoft (MSFT), up 4.6%. ALSO HIGHER: Inovio Pharmaceuticals (INO), up 8.1% after CEO says Zika vaccine could enter human testing this year... J.C. Penney (JCP), up 2.1% after being upgraded to Neutral from Underperform at Credit Suisse... BRF S.A. (BRFS), up 3.1% after being upgraded to Buy from Hold at Deutsche Bank... Axiall (AXLL), up 83.4% after rejecting $20 per share acquisition proposal from Westlake Chemical (WLK)... Energous (WATT), up 12% after Bloomberg reported that Apple (AAPL) is working with partners in the U.S. and Asia to develop new wireless charging technology. DOWN AFTER EARNINGS: Amazon.com (AMZN), down 10.1%... Electronic Arts (EA), down 6.2%... AbbVie (ABBV), down 4%... American Airlines (AAL), down 1.3%. ALSO LOWER: Gilead Sciences (GILD), down 5.5% after CEO John Martin to assume role of executive chairman and COO John Milligan will be promoted to CEO.
08:21 EDTAXLLWestlake Chemical says Axiall rejects $20 per share proposal
In a letter to the board of Axiall, Westlake Chemical disclosed that it proposed to acquire Axiall for $20 per share in cash and stock. In the letter, Westlake commented, "Less than three days after we provided our written proposal, your management informed us that you remain committed to the continued implementation of your current standalone strategic plan. The market reaction to your plan does not suggest investors believe it will deliver anywhere near the value and upside of our proposal. In this challenging environment, we believe your unwillingness to even discuss our compelling proposal exposes your shareholders to significant risk and uncertainty. The combination of Westlake and Axiall would create a more efficient, diversified and competitive company, far better positioned to succeed and grow in this challenging environment. With Westlake's Olefins business and a combined Westlake/Axiall Vinyls business, there would be an immediate opportunity to backward integrate into the ethylene market. The combined company would also benefit from Westlake's European vinyls business, which is a global leader in vinyl technology and specialty PVC resins. The combined company would also have a stronger financial profile than Axiall, providing it with significant financial and operational flexibility, a greater ability to serve its customers, and improved ability to capitalize on future investment opportunities. Based on our proposed consideration mix and strong track record, we believe that the combined company will maintain an investment grade credit rating."
08:17 EDTAXLLWestlake Chemical discloses proposal to acquire Axiall for $20 per share
Westlake Chemical (WLK) announced that it has submitted a proposal to acquire all of the outstanding shares of Axiall (AXLL) for $20.00 per share, comprised of $11.00 in cash and 0.1967 of a Westlake share. The proposal, which has been summarily rejected by the Axiall Board, represented a significant premium of 108% to Axiall's closing price of $9.60 on January 22, 2016. The total value of the proposed transaction is approximately $2.9 billion, including the assumption of certain Axiall liabilities, which include approximately $1.5 billion of debt outstanding as of September 30, 2015. Westlake CEO Albert Chao commented, "We are surprised and disappointed by Axiall's summary rejection of our proposal, which provides Axiall shareholders with a significant premium and upside potential via their participation in the increased scale and synergies of the combined company. The combined company would be more diversified and have a stronger financial profile than Axiall, providing it with significant financial and operational flexibility, a greater ability to serve its customers, and improved ability to capitalize on future investment opportunities."
08:16 EDTAXLLWestlake Chemical discloses proposal to acquire Axiall for $20 per share
Subscribe for More Information
07:21 EDTDDDuPont management to meet with Deutsche Bank
Subscribe for More Information
06:45 EDTDDDuPont faces 40 trials per year over Teflon chemical leak, Reuters says
Subscribe for More Information
06:04 EDTPXPraxair reports Q4 North America sales down 3% to $1.42B
Reports Q4 Europe sales down 9% to $325M. Reports Q4 South American sales down 37% to $299M. Reports Q4 Asia sales down 2% to $398M.
06:03 EDTPXPraxair sees FY16 EPS $5.30-$5.70, consensus $6.05
Subscribe for More Information
06:03 EDTAPDAir Products sees FY16 EPS $7.25-$7.50, consensus $7.36
Subscribe for More Information
06:03 EDTPXPraxair sees Q1 EPS $1.20-$1.28, consensus $1.41
This EPS guidance assumes a negative currency impact of approximately 9% year-over-year and 3% sequentially.
06:02 EDTAPDAir Products sees Q2 EPS $1.78-$1.83, consensus $1.75
Subscribe for More Information
06:02 EDTPXPraxair reports Q4 adjusted EPS $1.47, consensus $1.47
Subscribe for More Information
06:02 EDTAPDAir Products reports Q1 EPS $1.78, consensus $1.71
Reports Q1 revenue $2.36B, consensus $2.44B.
06:01 EDTPXPraxair increases dividend 5% to 75c
Subscribe for More Information
1 | 2 | 3 | 4 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use