Georgia Gulf’s (NYSE:GGC) board discards Westlake Chemical’s (NYSE:WLK) unsolicited $30/share acquisition bid and instead, goes with a shareholder rights plan, saying yesterday that the proposal is “financially inadequate and not in the best interest of Georgia Gulf stockholders.”

Royal Bank of Scotland Group (NYSE:RBS) is offloading its aircraft leasing division to Sumitomo Mitsui Financial Group (NYSE:SMFG) for $7.3B, a hair higher than the whisper number and RBS’s greatest single dumping of assets since its 2008 bailout.

Blackbaud (NASDAQ:BLKB) buys Convio (NASDAQ:CNVO) for $16 per share in a deal that the non-profit accounting software company says will be accretive to 2012 earnings and add considerable cash flow.

Sources say AIA Group, an AIG (NYSE:AIG) subsidiary, is thinking about a bid for ING’s (NYSE:ING) $6B Asian insurance operations, and has asked four banks to put their hats in the ring for advisory roles for a possible offer. The  sale of the business is anticipated to draw a great deal of interest.

Valeant Pharmaceuticals (NYSE:VRX) upped its offer for ISTA Pharmaceuticals (NASDAQ:ISTA) to $7.50/share from a first offer of $6.50/share, setting a target price of $8.50/share subject to a week of due diligence, according to ISTA. While ISTA officials say they’re considering the new offer, they are still talking with other companies.

France Telecom (NYSE:FTE) could be close to sealing the deal to sell its 35 percent stake in Orange Austria to Hutchison 3G (a subsidiary of Hutchison Whampoa). If the deal goes through (which could possibly happend within weeks or even days), it would value Orange Austria at ~€1B ($1.3B).

Venoco (NYSE:VQ) CEO Timothy Marquez will buy the Denver-based energy firm, taking it private at $12.50/share. Marquez, along with affiliated trusts and foundations, will own Venoco.