Date: 26 June 2006
There was a period of time when I contemplated, says the chairman and chief executive of NSG, speaking in English, when I wasnt quite sure what to do.That period came some time between November and February, during which Sir Nigel Rudd, Pilkingtons chairman, had rebuffed three informal bids from NSG, priced at between 150p and 158p a share.The polite Mr Izuhara would not take no for an answer, but was having difficulty establishing what would be an acceptable price to the Pilkington board.The fact of the matter is not that I wanted to abandon the situation but Nigel was not willing to part with the company, Mr Izuhara says.NSGs 165p-a-share purchase of Pilkington, which has just been completed, sheds light on the cultural differences that threatened to scupper the deal, one of several in the ongoing series of foreign takeovers of well-established UK corporations.
The 254-page Takeover Code did not present a big obstacle for NSG. More problematic for Mr Izuhara was understanding the whims of his British counterpart.
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