UPDATE: 1/17/11, 8:40 a.m. EST. Georgia Gulf has rejected Westlake Chemical’s unsolicited takeover bid and adopted a poison pill, or shareholder rights plan, according to The New York Times.

Vinson & Elkins is advising petrochemical and plastics company Westlake Chemical on its $1 billion unsolicited bid to acquire all the outstanding shares of fellow chemicals maker Georgia Gulf.

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