The stock price of Britain's Pilkington PLC, one of the world's largest glass makers, reached an eight-year high yesterday after a report that Japan's Nippon Sheet Glass Co. may increase its takeover bid to $3.7 billion.
The stock gained as much as 3.3 percent to its highest since Oct. 27, 1997. Nippon, which originally offered $3.5 billion, may increase its bid through equity financing, the Times of London said, citing unidentified analysts.
Pilkington, of St. Helens, had rejected the earlier offer as too low, and Nippon said it wasn't sure what it would do next. 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.