Japan 's largest glassmaker needed to secure 90% of Glaverbel's shares in the tender that ended on April 5 , the results of which were released Thursday."Asahi already holds 91.45% (of Glaverbel) and we are confident that by reopening the offer we will obtain at least 95% of the Glaverbel shares," said Masayuki Kamiya, Asahi's director of corporate planning.
In December, Asahi offered EUR145 a share for all outstanding shares in Glaverbel in a deal worth EUR470 million, prompting a number of funds to snap up the stock. They had hoped Asahi would increase its bid but the company has declined to do so.
Asahi will now reopen the offer between April 15 and May 6 on the same terms, as Belgian law allows for the offer period to be reopened for 15 business days since Asahi has acquired 90% of the shares.
Under Belgian law, the company must obtain at least 95% of the stock to squeeze out the remaining shareholders.
Asahi Glass battle for Glaverbel continues
Asahi Glass Co . LTD's (J.AHG) battle to buy Belgian rival Glaverbel SA (B.GLA) is set to continue for another three weeks as the Japanese company renews its efforts to get Glaverbel's shareholders to sell their stock.