Asahi Glass: bid for Glaverbel shares

Japan“s largest glassmaker, Asahi Glass Co. Ltd., said in January that it will not raise its EUR 470 million bid for outstanding shares in Glaverbel SA.
Glaverbel“s board narrowly voted in favour o…

Japan“s largest glassmaker, Asahi Glass Co. Ltd., said in January that it will not raise its EUR 470 million bid for outstanding shares in Glaverbel SA. Glaverbel“s board narrowly voted in favour of the bid on 8 January as concerns over price divided directors. It was backed by the six Asahi representatives, but not by the chief executive and chief financial officer and three independent directors. Asahi believes the EUR 145 a share offer to be a “fair price,“ a view shared by Belgian investment bank Petercam, it said. Over the past three trading days, Glaverbel“s share price has risen to over EUR 145 amid speculation that Asahi would raise its bid. Asahi needs to secure 90% of Glaverbel“s shares, of which it already controls 60.87%. Analysts don“t view the bid as being overly generous in comparison with its peers. But they do see it as an easy exit route for investors, who might otherwise be stuck with an illiquid stock. Glaverbel“s board was due to submit its opinion, including the independent directors“ remarks, on the bid to Belgium“s Banking and Finance Commission in the second week of January. The BFC has 30 days to review the prospectus.