Belgian glassmaker to oppose a takeover bid from Asahi Glass

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.

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.

600450 Belgian glassmaker to oppose a takeover bid from Asahi Glass glassonweb.com
Date: 14 February 2002
Source: Yahoo

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