Pilkington, the UK glass maker, was this week the target of a £2bn takeover approach by Nippon Sheet Glass.
Nippon is Japan’s second largest glassmaker, and already has a 20% stake in Pilkington.
The preliminary approach is thought to be friendly rather than hostile and the potential offer works out as 150p a share. It is thought unlikely that a rival bid for the company will be made because Nippon already has such a large stake in Pilkington.
Shares in the company rose 21% to 153.25p when Pilkington confirmed to the stock exchange that it had received an approach on Monday. In the statement it said that the approach “may or may not lead to an offer being made for the company”.
As Building went to press, Pilkington was due to report its interim results on Thursday.