CertainTeed Corp., a unit of French conglomerate Compagnie de Saint-Gobain, recently extended its tender offer of US$ 8 a share for Brunswick Technologies, Inc. until a special stockholders meeting on…
CertainTeed Corp., a unit of French conglomerate Compagnie de Saint-Gobain, recently extended its tender offer of US$ 8 a share for Brunswick Technologies, Inc. until a special stockholders meeting on June 16. At its annual meeting, the Brunswick, Maine-based maker of reinforced fabrics used in ballistic armour and snowboards re-elected its board of directors that had rejected CertainTeed“s hostile takeover attempt. But Brunswick“s attempt to grant stock options for up to 400,000 shares to employees failed to garner enough votes. “There were not enough votes cast to pass the measure,” Brunswick Technologies spokesman Phil Harmon said. “Those that voted, voted to issue the shares, but there weren“t enough shareholders voting.” CertainTeed, which owns about 14% of Brunswick, made a tender offer for all of the 5.2 million outstanding shares it does not own for US$ 8 a piece in cash or US$ 41.6 million last month. That offer has been extended until midnight June 16. CertainTeed, the Valley Forge, Pennsylvania-based maker of vinyl siding, roofing and other building materials which had US$ 2.2 billion in sales in 1999, has hired Lehman Brothers as its financial advisor. Brunswick, which had nearly US$ 45 million in revenues in 1999, hired McDonald Investments as its advisor. The shareholders also voted to reappoint Pricewaterhouse Coopers as Brunswick“s accountants.