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PPG Industries Inc Announces Final Proration Factor Of 14.986286% For Shares Tendered In Exchange Offer


Thursday, 31 Jan 2013 09:00pm EST 

PPG Industries Inc announced the final proration factor of 14.986286% for its exchange offer of PPG common stock in connection with the separation of PPG`s commodity chemicals business and merger of Eagle Spinco Inc., the entity holding PPG`s former commodity chemicals business, with a subsidiary of Georgia Gulf Corporation. On January 28, 2013, a subsidiary of Georgia Gulf Corporation merged with and into Eagle Spinco, with Eagle Spinco surviving the merger. The combined company formed by uniting Georgia Gulf with PPG`s former commodity chemicals business is now named Axiall Corporation and is traded on the New York Stock Exchange under the ticker symbol AXLL. Under the terms of the exchange offer, 35,249,104 shares of Eagle Spinco common stock were available for distribution in exchange for shares of PPG common stock accepted in the offer. Following the merger, each share of Eagle Spinco common stock automatically converted into the right to receive one share of Axiall Corporation common stock. Accordingly, PPG shareholders who tendered their shares of PPG common stock as part of this offer received 3.2562 shares of Axiall Corporation common stock for each share of PPG common stock accepted for exchange. PPG was able to accept the maximum of 10,825,227 shares of PPG common stock for exchange in the offer, or approximately 7% of its outstanding shares. Under the terms of the exchange offer, fractional shares of Axiall Corporation common stock will not be issued. 

Company Quote

187.25
5.42 +2.98%
17 Oct 2014