TO) as reported in the press, say Numis analyst Rachel Waring. Notes management had said of the original offer that it "materially" undervalued the company, thus does not see an 8% increase as being acceptable to Pilkington. Numis argues however that even the original price was a good one, given that Pilkington's profits are coming from cost cutting rather than top-line growth.
Pilkington's (PILK.LN) management is unlikely to be impressed by an increased offer of 162p a share from Nippon Sheet Glass (5202.
2005-11-17T12:00:00Pilkington Unlikely To Accept Raised Offer glassonweb.com