Glass manufacturer says Japanese offer falls “materially short”.
Glass manufacturer Pilkington has rejected a proposed £2bn takeover bid by Nippon Sheet Glass, its largest shareholder. It has told the Japanese firm that the offer – of 150p per share – falls “materially short” of the price that the board was prepared to recommend.
The news comes as Pilkington announces its half-yearly results, which show profit up 22% to £99m for the six months ending 30 September, despite what chairman Sir Nigel Rudd described as “challenging” market conditions.
He said: “market conditions remain challenging and energy costs have risen worldwide. Despite this, Pilkington can report a good set of results, with increases in revenue and operating profits across both Building Products and Automotive Products.''
