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Guardian Fiberglass in talks for possible sale

US-based Cameron Ashley Building Products Inc. said it was still discussing the possible sale of the company with Guardian Fiberglass Inc. and a rival bidder (a private investment group).
Guardian, a…

US-based Cameron Ashley Building Products Inc. said it was still discussing the possible sale of the company with Guardian Fiberglass Inc. and a rival bidder (a private investment group). Guardian, a subsidiary of Guardian Industries Corp., sweetened its takeover bid to US$ 18.50 per share on 4 April after Cameron Ashley accepted an offer of US$ 18.25 per share from the private group on March 28. No new definitive agreement has been reached, Cameron Ashley said. The private group includes CGW Southeast Partners IV LP, an affiliate of Citigroup Inc.“s Citicorp Venture Capital Ltd. subsidiary, Cameron Ashley senior management, and a strategic partner. A special committee of independent members of Cameron Ashley“s board is reportedly handling the discussions and negotiations.

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