The investors, who include international hedge fund and large Belgian financial institutions, say Asahi's E145 a share offer is too low. The deal highlights the risks investors face in residual takeovers. Most European countries give little protection for shareholders in companies where majority owners attempt a squeeze-out. Asahi's bid for Glaverbel is a case in point. Investors have little recourse to force Asahi to up its offer. However, if investors win a challenge to Asahi, it may set a precedent for other minority buyouts.
Shareholders holding about 12% of Belgian glassmaker Glaverbel have banded together to oppose a takeover bid from Asahi Glass for the 35% of Glaverbel not owned by Japan's largest glass company.
2002-02-14T12:00:00Belgian glassmaker to oppose a takeover bid from Asahi Glass glassonweb.com