Asahi Glass Co. said 28 November 2007 that its tender offer for a CRT glass subsidiary in South Korea increased its stake in the firm by just 8.71% from about 43%, leaving it far short of the target h…
Asahi Glass Co. said 28 November 2007 that its tender offer for a CRT glass subsidiary in South Korea increased its stake in the firm by just 8.71% from about 43%, leaving it far short of the target holding of 80%. It is uncertain whether Asahi Glass can take Hankuk Electric Glass Co. private as planned, according to the Japanese firm. In its tender offer ended 21 November 2007, Asahi Glass offered KRW 30,000 for each Hankuk Electric share, a premium of 25.1% over the average price in the preceding two months. According to market operators, several investment funds were unhappy with the price and thus did not tender their shareholdings. Asahi Glass now has a stake of 51.47% in Hankuk Electric; combined with the 20% interest held by joint-venture partner LG Electronics Inc., Asahi controls two-thirds of the unit“s shares.