Pilkington bid for Egypt Glass fails

An offer from British glass maker Pilkington Plc for a majority stake in the Egyptian Glass Co fell through after only 1.4 percent of shareholders agreed to sell, the stock exchange said on Monday.

"The Pricing Committee decided...not to execute the transaction upon the request of the brokerage company representing the buyer," a bourse statement said.

"The total offered shares reached 21,333, that represents 1.4 percent of the company's total shares, which will not fulfill the minimum required," it said.

The stock exchange said last month Pilkington wanted to buy 1.35 million shares in Egyptian Glass at a price of 105 Egyptian pounds ($25) per share, representing 90 percent of the issued and paid-in capital.

The offer would have been worth about 142 million pounds ($33 million).

But Pilkington had the right to refrain from executing the deal if the number of shares offered for sale was insufficient to give it ownership of 78 percent of the issued capital, the bourse said.

Shareholders had until Sunday to offer their shares for sale.

Egyptian Glass shares have risen nearly nine percent since the offer was announced on October 18. They last closed at 100.17 pounds on November 5, or 4.6 percent below Pilkington's offer price. ($1=4.27 Egyptian pounds)

600450 Pilkington bid for Egypt Glass fails glassonweb.com

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