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Axiall Corp (AXLL): Shapiro Capital Management Ups Stake Ahead of Proxy Contest

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%

Page 1 of 5 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

Axiall Corporation
——————————————————————————–
(Name of Issuer)

COMMON STOCK, $0.01 PAR VALUE
——————————————————————————–
(Title of Class of Securities)

05463D100
——————————————————————————–
(CUSIP Number)

Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

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