BPB shareholders demand 800p/shr after rejecting Saint-Gobain approach - report

BPB PLC's institutional investors have demanded the group not be sold for less than 800 pence a share, valuing the group at more than 4 bln stg, the Sunday Telegraph reported.

The British plasterboard maker Friday made it clear a 675 pence a share proposed offer from French group Compagnie de Saint-Gobain would be rejected.

NM Rothschild, BPB's advisors, consulted institutional shareholders following the bid and came back with a clear message to hold out for a higher offer, the paper said. They are keen to support the present management.

BPB shares surged 35 pct, or 181 pence to 693.5 Friday, after announcing the bid approach.

600450 BPB shareholders demand 800p/shr after rejecting Saint-Gobain approach - report glassonweb.com
Date: 25 July 2005
Source: Forbes.com

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