Japan“s largest glassmaker, Asahi Glass Co. Ltd., said recently that it will not raise its Euro 470 million bid for outstanding shares in Belgian glassmaker Glaverbel SA.
Glaverbel“s board on 8 Jan…
Japan“s largest glassmaker, Asahi Glass Co. Ltd., said recently that it will not raise its Euro 470 million bid for outstanding shares in Belgian glassmaker Glaverbel SA. Glaverbel“s board on 8 January narrowly voted in favour of the bid 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 Euro 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 Euro 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 do not 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.