Having already rejected approaches from Nippon Sheet Glass worth £1.5 & £1.55/share, Pilkington said 15/12/05 that the improved £1.58 proposal was still too low for the board to recommend. NSG said it was reviewing its position but that there were no talks in progress between the two companies. In a late announcement to the London stock exchange the Japanese group said that there was no assurance a firm offer would be made. Nippon said it was invited to conduct high level due diligence on Pilkington after making an initial approach in Nov/05, and that it has held talks with top management. "NSG regrets that Pilkington's Board has rejected its revised proposal, and is currently reviewing its position," the company said. Pilkington shares closed at £1.445 15/12/05, valuing the company at £2 BN.
