On 3 November 2005, Pilkington announced that it had received a preliminary approach from Nippon Sheet Glass Co. Ltd. (‘NSG') in relation to a possible offer for the Company in cash at 150p per ordinary share inclusive of the interim dividend.

The Board of Pilkington announced that the proposed offer fell materially short of a price which the Board would be prepared to recommend.

Pilkington subsequently received a verbal proposal from NSG at a level of 155p in cash per share followed by a written proposal at 158p in cash per share (the ‘Revised Proposal'). The Revised Proposal is subject to a number of pre-conditions including the completion of financing.

The Board of Pilkington has considered the Revised Proposal and has informed NSG that the pre-conditions are unacceptable and the price still falls short of a level which it would be prepared to recommend.

Source

Glass Age