MoreNippon Sheet Glass Co., Ltd. (NSG) recently announced that its board of directors has resolved to proceed with a recommended cash acquisition of the entire issued share capital of Pilkington plc, to make it a wholly owned subsidiary of NSG. Pilkington is a 20% owned affiliated company and global business partner of NSG. Following the completion of this transaction, the combination of NSG and Pilkington will be a global leader in the flat glass industry with the largest market share in the world (NSG estimates) and approximately 760 billion yen (US$6.5 billion) of sales. The transaction is a friendly acquisition and is being recommended by Pilkington's board. Pilkington's CEO and other key management members have agreed to continue their commitment to Pilkington and NSG group management post-transaction. The acquisition price is 165 pence (approximately 340 yen or US$2.93) per share, and the estimated funds required for the acquisition of the 80% of shares not already owned by NSG will be approximately £1.8 billion (approximately 358.5 billion yen or US$3.1 billion).
Additional details are available at www.nsg.co.jp.
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