French materials company launches £3.6bn offer for BPB.
French materials company Saint-Gobain today formally launched a £3.6bn hostile bid for UK plasterboard maker BPB.
The bid came as no surprise to the market after Saint-Gobain, advised by BNP Paribas and UBS, announced the indicative offer of 720p a share on 3 August.
BPB responded this morning by making its own statement to the London Stock Exchange in which it rejected the offer.
The statement said: “The Board of BPB has no hesitation in reiterating its advice to shareholders to reject this unwelcome offer, which substantially undervalues the company.”
N M Rothschild is acting for BPB. Shareholders have 60 days to reject or accept the offer.