Samuel Shapiro’s Shapiro Capital Management has lifted its stake in Axiall Corp (NYSE:AXLL) to 7.04 million shares, up from 6.87 million shares owned as of a filing released on February 12. Shares of Axiall surged on January 29, nearly doubling after it was reported that Westlake Chemical Corporation (NYSE:WLK) had made a hostile takeover bid for the company valued at about $20 per share, which Axiall’s board reportedly “summarily rejected”. More recently, Axiall rejected a second, slightly-more-lucrative offer from Westlake of about $23 per share, saying that the offer “does not fairly reflect the high quality of the company’s assets, the significant growth potential of the company’s business and the powerful synergies”. That prompted Westlake to break off talks and propose a slate of 10 nominees for election to Axiall’s board at its 2016 annual meeting that would completely overhaul it and would surely lead to the company merging with Westlake, putting shareholders in control of the company’s destiny. Shapiro Capital now owns 9.98% of Axiall’s shares and will play a major role in the outcome of the shareholder vote, the date of which Axiall is expected to announce soon.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|SAMUEL R. SHAPIRO||0||0||0||0||0||0.00%|
|SHAPIRO CAPITAL MANAGEMENT||6,433,379||607,770||7,041,149||0||7,041,149||9.98%|
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