Brunswick Technologies Inc., which makes reinforcement fabrics used in ballistic armour, boats and airframe structures, said its board will evaluate an offer by building materials maker CertainTeed Co…
Brunswick Technologies Inc., which makes reinforcement fabrics used in ballistic armour, boats and airframe structures, said its board will evaluate an offer by building materials maker CertainTeed Corp. to purchase its outstanding stock for US$ 8 a share in cash. CertainTeed, a unit of France“s Compagnie de Saint-Gobain, said it planned to begin a tender offer for all of the 5.2 million outstanding shares of Brunswick it does not already own. Vetrotex, CertainTeed“s fibre glass reinforcements business, currently owns about 14% of the outstanding shares of Brunswick, CertinTeed said. CertainTeed decided to begin the tender offer after Brunswick“s board of directors had deferred repeated requests to negotiate a deal. Brunswick said it would evaluate the offer and make a recommendation to its stockholders “in due course.” The Brunswick, Maine-based company urged its stockholders not to take any action related to the CertainTeed offer until it makes its recommendation. Recently, Brunswick said it adopted a shareholder rights plan, triggered by ownership of 15% of the company“s stock, as a precautionary measure. Shareholder rights plans, or so-called “poison pills”, make it prohibitively expensive for an investor to accumulate large stakes in a company.