Ardagh Glass shareholders ponder action

The directors of Ardagh Glass may face a minority protection action from some shareholders over its takeover by Caona. The shareholders have instructed a firm of solicitors, Donal Reilly & Collins, to see if the action can be taken, according to a report in The Irish Times.

They are unhappy at the E4.00 per share price they have been offered and claim that the Ardagh board has not provided sufficient information for them to judge if it is fair.

Caona is a special purpose company controlled by a number of Ardagh's large shareholders. The biggest stakes are held by businessman Paul Coulson and his investment company Yeoman.

Members of the management of Ardagh and some of the directors also have shares in Caona, which claims to have received acceptances for its offer from shareholders holding in excess of 96pc of the company.

John Collins of Donal Reilly & Collins said the firm had been instructed "to investigate if we can bring minority protection proceedings against the directors. Any such action is predicated on establishing that the true value of the shares is greater than the amount offered by Caona".

He said his firm represented in excess of 2 per cent of Ardagh's approximately 700 shareholders.

Ardagh Glass was spun off from Ardagh (since renamed South Wharf) in 2003 and taken private at a valuation of E1.10 per share.

600450 Ardagh Glass shareholders ponder action
Date: 15 March 2005

See more news about:

See more from these topics:

Others also read

The flat glass industry in Egypt is in danger due to rising costs, the foreign currency shortage, and the lack of some production inputs.
Mr. John Browne, CEO at Kastus Technologies Ltd., UK comments on Brexit:“We generally see the British EU exit poll as an opportunity for Kastus as it could potentially make investment in Irish companies more attractive for UK investors.
The Global Flat Glass Tempering Machine Consumption 2016 Market Research Report is a professional and in-depth study on the current state of the Flat Glass Tempering Machine market.  
The study on the global Colored Glazing Glass market is a collaborative effort of expert analysts to highlight vital information about the market.
The Global Sapphire Glass Industry 2016 Market Research Report is a professional and in-depth study on the current state of the Sapphire Glass industry.
The architectural glass manufacturer, Tvitec, increased its sales a 30% in 2015.

Add new comment