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.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.