Volume 37, Issue 12, December 2002
Asahi Announces Bids for Remaining Shares of Glaverbel SA
The Belgian Banking and Finance Commission has approved Asahi Glass Co.’s (AGC) bid to purchase the last remaining shares of Glaverbel SA for 140.86 EURO per share. The offer ran from December 3-16. The bid’s final result was to be announced soon after (visit Hot News at
www.glass.com for a story update).
According to Glaverbel, the financial terms offered to shareholders are the same as those offered in AGC’s voluntary tender offer, which ended May 6, 2002 (see related stories in these issues of USGlass: January 2002, page 15; March 2002, page 14; and September 2002, page 26). AGC’s cash-price offer is equal to the price-per-share offered in the original tender offer (145 EURO) minus the gross amount of the dividend paid in the meantime (4.14 euro). Regarding other outstanding equity linked securities (convertible bonds and stock options), AGC has offered a cash price calculated according to the same methodologies as those applied to the initial offer.
Bank Degroof, a Belgian investment bank retained by AGC as an independent expert, confirmed that prices offered for each security “safeguard” the interests of the shareholders’ securities. At the end of the offer, any securities not tendered will be deemed transferred to AGC. At the end of the offer, the market authority will automatically delist the Glaverbel share.
ANSI Z97.1 Update on Liaison, Legal Counsel and Class C Re-Balloted
During a recent conference call of the ANSI Z97.1 steering committee, several decisions were made relating to an appeals decision that concerned recommendation by ANSI that the Z97.1 committee change its secretariat liaison and its legal counsel (see related story in the November USGlass, page 16).
The ANSI appeals panel had recommended to Z97.1 that the committee replace its secretariat liaison, Thomas Zaremba of Pilkington, “with someone without wired glass interests.” Greg Carney, technical director for the Glass Association of North America, was asked to serve, but at press time, had not been confirmed as the new liaison. Valerie Block, ANSI Z97.1 committee chair, is serving in that capacity.
The Z97.1 steering committee also addressed the ANSI appeals panel recommendation concerning Kim Mann’s role as legal counsel to the Z97.1 secretariat. The steering committee noted that Mann no longer has ties to wired glass interests, and . . . concluded that Mann should be allowed to continue as legal counsel.
The steering committee also agreed to re-ballot the “Class C/wired glass inclusion” Z97.1 standard, noting that there were five requests for re-ballot.
|Three Inducted into Glass and Metal Hall of Fame™
Three new members were inducted into the Glass and Metal Hall of Fame on Friday, November 8, as part of Glass Expo Midwest™ ’03, which was held in Indianapolis.
Those honored were (from left to right) Dennis Clark, Lafayette Glass of Lafayette, Ind.; Jim Dunstan, Azon USA of Kalamazoo, Mich.; and Carl Jolliff, Jolliff Glass Co. of Peoria, Ill.
The Hall of Fame recognizes those individuals who have made a difference in the industry and the lives of others.
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