Pilkington's (PILK.LN) management is unlikely to be impressed by an increased offer of 162p a share from Nippon Sheet Glass (5202.
TO) as reported in the press, say Numis analyst Rachel Waring. Notes management had said of the original offer that it "materially" undervalued the company, thus does not see an 8% increase as being acceptable to Pilkington. Numis argues however that even the original price was a good one, given that Pilkington's profits are coming from cost cutting rather than top-line growth.