LONDON - Britain's Pilkington PLC, one of the world's largest glass makers, rejected a $3.5 billion takeover offer from Japan's Nippon Sheet Glass yesterday, saying the proposal was too low.
In a statement, Pilkington said the offer of $2.67 a share fell "materially short" of a price the board was prepared to recommend to its shareholders. The two firms were in preliminary discussions over a cash offer for the British company.
Pilkington's North American headquarters are in downtown Toledo, where it has about 145 employees. The firm also has 290 employees at a glass factory in Rossford and 150 employees at a technology center in Northwood.