Announcement Of Commencement Of Tender Offer For The Stocks Of Hankuk Electric Glass Co., Ltd.

Asahi Glass Co., Ltd. (“AGC”) has announced the decision at the meeting of its Board of  Directors on October 31, 2007 to acquire the stocks of Hankuk Electric Glass Co., Ltd. by way  of a tender offer as described below.1.

Purpose of Tender Offer

In the field of displays including those for television sets and personal computers, the shift from  CRTs to flat panel displays is progressing at an accelerated speed. As more and more CRT  manufacturers, as the AGC’s customers, are forced to withdraw from business, AGC has  implemented measures to restructure its production system which includes stopping its CRT  glass production in Japan, Southeast Asia and elsewhere.

As a result, AGC is currently continuing with CRT glass business in two production bases,  one in South Korea and the other in China, through Hankuk Electric Glass (42.76% owned by  AGC) which is the target company of this tender offer. However, AGC expects the  environment surrounding this business to change even more rapidly in the future.

To respond to the rapid changes in this business environment, it is necessary to operate  business more proactively and carry out management measures more promptly. Hence, with  the aim of advancing those measures vigorously and actively, AGC has decided to purchase the  target company’s shares held by its minority shareholders by means of the tender offer.

Upon completion of the tender offer, AGC plans to have the target company voluntarily  delist itself subject to the approval of authority concerned in South Korea.  LG Electronics, Inc., the second largest shareholder holding 20% of the shares of the target  company, has heretofore been involved with the target company’s business operations, and has  agreed to remain involved, along with AGC, in its future operations.

Read the entire document.

600450 Announcement Of Commencement Of Tender Offer For The Stocks Of Hankuk Electric Glass Co., Ltd. glassonweb.com

See more news about:

Others also read

Asahi India Glass Ltd. (AIS), India’s leading integrated glass company, has come up with an exclusive glass solution called the AIS World of Glass- an app that lets users channel their imagination and visualize glass customizations for their home and office.
High-security Smartphone Feature Stylish Designs - AGC (Asahi Glass Co., Ltd.; Head Office: Tokyo; President & CEO: Takuya Shimamura) released a new cover glass for an in-glass fingerprint recognition sensor installed on a smartphone to improve security.
Asahi Glass' group operating profit for the nine months through Sept. 30 likely rose 22% on the year to around 52 billion yen ($429 million), marking the company's first profit growth for January-September in five years.
“We’ll continue to produce, with simple honesty, what can meet the needs of the times,” Asahi Glass Co.
In light of recent performance trends, Asahi Glass Co., Ltd. (“the Company”) has revised its consolidated financial forecasts for the first half and full year for fiscal year ending December 31, 2015, which were announced on February 6, 2015.   Read more here.
New infoverre product expands the possibilities of the “glass with display monitor” product line ― Asahi Glass Company (AGC), a world-leading manufacturer of glass, chemicals and high-tech materials has released a new infoverre™ product “infoverre™ MIRROR” as an interior product for residential and commercial facilities.  This new product will bring solutions to unique design needs in the world.The infoverre™ series is a new-generation glass signage that provides clear and vivid images to viewers (see next page for details).

Add new comment