NEW YORK, June 14, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Axiall Corporation ("AXLL" or the "Company") in connection with the proposed acquisition of the Company by Westlake Chemical Corporation ("Westlake"). On June 10, 2016, AXLL announced a definitive agreement for Westlake to acquire all outstanding shares of AXLL in a transaction valued at approximately $3.8 billion, inclusive of debt. Under the terms of the agreement, AXLL shareholders will receive $33.00 in cash for each AXLL share they own.
WeissLaw is investigating whether AXLL's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price is approximately $7.00 less than the Company's 52-week high of $40.10. Additionally, AXLL recently announced positive financial results for the first quarter of 2016. It reported adjusted net income of $11.7 million, representing an increase of nearly $5.0 million year-over-year when compared to the 7.0 million reported in the same period of the previous year. Moreover, the transaction is expected to be immediately accretive to Westlake's earnings, with estimated synergies of approximately $100 million within the first year of acquisition.
Given these facts, WeissLaw is investigating whether AXLL's Board acted in the best interests of AXLL's public shareholders to maximize shareholder value prior to entering into the agreement. If you own AXLL shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
