Saint-Gobain set to raise BPB bid to 750-760p to secure recommendation

Saint-Gobain SA, the French building materials group, is this weekend making a last-ditch approach to the board of BPB PLC in an effort to seal an agreed 3.8 bln stg takeover of the British plasterboard company, both The Sunday Times and The Sunday Telegraph reported.

The Sunday Times said Saint-Gobain will tell Richard Cousins, BPB's chief executive, that it is prepared to raise its offer by more than 5 pct from 720 pence to about 760 pence on the condition that it can secure the board's recommendation.

Saint-Gobain has until Friday (Nov 18) to raise its offer for the last time. It needs to win over at least 50.1 pct of BPB's investors.

Sources told AFX News today that the Saint-Gobain management is 'keen' to get a recommendation and that the board is making 'every effort' to get in touch with BPB.

A bid of around 750-760 pence a share would value BPB at about 3.8 bln stg, as against the current 720 pence a share offer.

So far, BPB has vigorously rejected Saint-Gobain's advances, but a higher offer would put pressure on BPB as around 20 pct the stock is held by hedge funds, who could sell out and make a quick profit. Neither company was immediately available for comment this afternoon.

600450 Saint-Gobain set to raise BPB bid to 750-760p to secure recommendation glassonweb.com
Date: 14 November 2005
Source: Forbes

See more news about:

See more from these topics:

Others also read

Each of the façades will be opened up to allow maximum daylight and accessibility, whilst replaced by a collection of differing sized ‘boxes’ inserted into the existing structural frame.
Solar has become the driving force behind the boom in renewable energies and solar capacities are growing rapidly. The trend now is to integrate solar cells into building facades and vehicles, mainly their glass surfaces.
Sono-Tek Corporation is pleased to announce the development of a new coating technology – Ultrastatic Enhanced Spray Coating (“ESC”). This unique deposition technology was jointly developed by Sono-Tek Corporation and SAMES KREMLIN, France.
Launched in September 2017, the Solar Smart Mobility project aims to develop and industrialise a total new production area in supple, transparent photovoltaic glazing adapted to transport applications.
Over the last five years, Sandton (South Africa) has been a magnet for large-scale developments. Designed by Boogertman + Partners Architects, the 85 000 m2 Discovery building is one of them.
Compagnie de Saint-Gobain’s Board of Directors decides to propose the renewal of the Director’s term of office of Mr. Pierre-André de Chalendar and to co-opt Ms. Dominique Leroy, CEO of Proximus, as an independent Director.

Add new comment