DALLAS, Jan. 16, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential claims against the Board of Directors of Georgia Gulf Corporation ("Georgia Gulf" or GGC") (NYSE: GGC) concerning the board's receipt of an unsolicited acquisition proposal from Westlake Chemical Corporation. Under the acquisition proposal, Westlake Chemical seeks to acquire the remaining shares of Georgia Gulf that it does not own for $30.00 per share in a proposed transaction valued at approximately $1.1 billion.
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If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to the determination of the fairness of the proposed transaction, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
Westlake Chemical currently owns approximately 4.8% of the outstanding shares of Georgia Gulf common stock. Under Westlake Chemical's proposal, Westlake Chemical seeks to acquire all of the outstanding shares of Georgia Gulf common stock for $30.00 per share. The investigation centers on whether Georgia Gulf's Board of Directors is acting in the shareholders' best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
"Although we hope that Georgia Gulf's Board of Directors is doing everything possible to maximize shareholder value and negotiate a better price for the shareholders, in a January 13, 2012 press release issued by Westlake Chemical, the company suggested that Georgia Gulf has been unwilling to provide necessary information to further the transaction or engage in negotiations. Based on this and other factors, we are concerned that Georgia Gulf's Board of Directors may not be acting in the best interests of the shareholders," said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
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