12 February 1998: Building materials manufacturer Bird Corp. of the US said recently that the federal waiting period on its proposed acquisition by CertainTeed Corp, a subsidiary of French company Sai…
12 February 1998: Building materials manufacturer Bird Corp. of the US said recently that the federal waiting period on its proposed acquisition by CertainTeed Corp, a subsidiary of French company Saint-Gobain, has expired. CertainTeed, an insulation and building materials company, has agreed to pay US$ 5.50 for each Bird common share and US$ 20 for each share of Bird“s US$ 1.85 cumulative preference stock. The CertainTeed tender offer is scheduled to expire on 13 February. Bird has about 4.2 million common and 814,000 preference shares outstanding. After the merger, CertainTeed will redeem Bird“s outstanding 5% preferred stock at its liquidation preference of US$ 110.00 per share. The waiting period under the Hart-Scott-Rodino act refers to the time during which the government could request additional information or documents with respect to the proposed acquisition.