Asahi Glass battle for Glaverbel continues

Date: 15 April 2002
Source: Yahoo

Date: 15 April 2002

Asahi Glass Co . LTD's (J.AHG) battle to buy Belgian rival Glaverbel SA (B.GLA) is set to continue for another three weeks as the Japanese company renews its efforts to get Glaverbel's shareholders to sell their stock.

Japan 's largest glassmaker needed to secure 90% of Glaverbel's shares in the tender that ended on April 5 , the results of which were released Thursday."Asahi already holds 91.45% (of Glaverbel) and we are confident that by reopening the offer we will obtain at least 95% of the Glaverbel shares," said Masayuki Kamiya, Asahi's director of corporate planning.

In December, Asahi offered EUR145 a share for all outstanding shares in Glaverbel in a deal worth EUR470 million, prompting a number of funds to snap up the stock. They had hoped Asahi would increase its bid but the company has declined to do so.

Asahi will now reopen the offer between April 15 and May 6 on the same terms, as Belgian law allows for the offer period to be reopened for 15 business days since Asahi has acquired 90% of the shares.

Under Belgian law, the company must obtain at least 95% of the stock to squeeze out the remaining shareholders.
600450 Asahi Glass battle for Glaverbel continues glassonweb.com

See more news about:

Others also read

MORE...

Apogee Q3 results up on architectural glass activities
Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
PPG Names Wulfsohn to European Post
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic acquires Armatec Vierhaus GmbH
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
Owens-Brockway Glass Container Closes on Sale of Additional $175 Million Principal of 8-3/4% Senior Secured Notes
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Pilkington: New home for butterflies
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
UCB Acquires Solutia'a Resins, Additives and Adhesives for $500 Million
UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee.

Add new comment