According to a recent report, Gerresheimer Glas small shareholders are dissatisfied with the offer of a cash payment equal to Euros 14.75 per share from the glass manufacturer“s new majority sharehol…
According to a recent report, Gerresheimer Glas small shareholders are dissatisfied with the offer of a cash payment equal to Euros 14.75 per share from the glass manufacturer“s new majority shareholder Glass Holdings GmbH & Co KG of Koblenz. The report said they threatened to start legal action during a recent meeting. The small shareholders base their argument on the 1999 valuation of the former Viag subsidiary, which gave Gerresheimer Glas a value of Euros 19 per share. However, Viag sold its 72.96% stake to Glass Holdings for Euros 13 per share in early 2000. The new management board chairman of Gerresheimer Glas, Axel Herberg, attributed the reduced valuation to the strong dollar, high oil and gas prices and finance rates as well as weaker markets in South America. Glass Holdings is owned by the international investment group Investcorp and Chase Capital Partners.