The Pilkington Board have recommended that Pilkington shareholders accept the bid at a price of 165p a share in cash, valuing the company at over £2 billion.
Pilkington Chairman Sir Nigel Rudd commented I am proud to have been chairman of Pilkington for more than ten years during which we significantly improved profitability and cash flow whilst repositioning it in growth markets.
I am pleased to say that NSG's offer of 165 pence per share is an excellent offer which enables our shareholders to realise the value of their investment in Pilkington. I am also convinced that the combination with NSG will ensure that Pilkington will continue to be a leading international force at the forefront of the glass industry.
Shareholders will vote at an Extraordinary General Meeting, to be held in April.
In addition to shareholder approval, the proposed transaction is subject to regulatory approval by competition authorities in certain countries in which Pilkington and NSG operate. These clearances are expected to take a few months.
Pilkington Shareholders to Vote on NSG Offer
Pilkington shareholders will vote in April on a formal offer by Nippon Sheet Glass (NSG) for the remaining 80 per cent of the shares in Pilkington they do not currently own.