Pharma Industry
Industry: Email Alert RSS FeedPPG and DLJ Bid for Courtaulds, Akzo Nobel Expected to Fight On.(PPG INDUSTRIES is considering making a joint bid with Donaldson, Lufkin & Jenrette for Courtaulds)
Chemical Market Reporter, May, 1998 by Milmo, Sean
Offer would give PPG Courtaulds' coatings and DLJ the rest. PPG INDUSTRIES is considering making a joint bid with Donaldson, Lufkin & Jenrette (DLJ), the US investment bank, for Courtaulds, raising the likelihood of a takeover battle for the UK-based coatings and fibers group. On May 11, Courtaulds' board formally recommended a 450 pence ($7.33 per share) offer from Akzo Nobel that would value the company at u1.83 billion.
But in a letter to shareholders, Sir David Lees, Courtaulds' chairman, said the company has "very recently received a preliminary approach from another party." PPG later issued a statement admitting that both itself and DLJ Merchant Banking partners (DLJMB), the merchant banking arm of the US bank, arc talking to Courtaulds. "If...
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