Glass bid fails

Pilkington has informed the Japanese glass giant Nippon Sheet Glass that its proposed offer to buy the company falls materially short of a price which its board was prepared to recommend.


On 31st October 2005, Tokyo-based Nippon Sheet Glass (NSG) made an approach to the board of Pilkington about a possible offer to take over the company.


According to Pilkington, the conditional proposal by NSG was for an offer in cash at 150p per ordinary share inclusive of the interim dividend.


But NSG hasn’t been successful. Today, Pilkington informed the Japanese glass giant that its proposed offer falls materially short of a price which its board was prepared to recommend to its shareholders.


Pilkington, one of the world’s largest manufacturers of glass and glazing products employs around 23,800 people, has annual revenues of £2.7 billion (€3.96 billion), manufacturing operations in 24 countries and sales in 130.