UK plasterboard firm to delay publishing new information about Saint-Gobain’s hostile bid until 25 November so it can appeal to shareholders to reject the deal.
UK plasterboard firm BPB will delay publishing new information about Saint-Gobain’s hostile takeover bid until 25 November so it can appeal to shareholders.
BPB said the Saint-Gobain offer undervalues the company, and it will use the delay to outline ambitious future plans and persuade shareholders to reject the takeover.
Sir Ian Gibson, chairman of BPB, said: “The company will make good use of the extension to the offer timetable to continue to demonstrate its compelling case for a premium rating as an independent company.”
BPB’s board promised to increase the amount of cash it plans to hand back to shareholders by about 70%, from £350m (70p per share) to £600m (120p per share).
The firm also plans to increase dividends progressively over the next few years, starting from 23 pence a share in 2005/06 and rising to 30p in 2007/08, an increase of 88% over the three years.
