Pilkington said on Monday it had agreed a £2.2bn ($3.8bn) acquisition by NSG of Japan in a deal that ends the glassmaker's 180-year history in the UK. The board of Pilkington recommended an all cash offer of 165p a share, which values Pilkington at £2.2bn, a premium of 30 per cent over the 126.8p closing price on October 28, the last day before news of a preliminary offer emerged. NSG already has a stake of 19.7 per cent of Pilkington. Sumitomo, Daiwa and UBS will provide financing for the deal. Pilkington will be de-listed from the UK stock market after 36 years and Sir Nigel Rudd, chairman, will step down. Stuart Chambers, chief executive of Pilkington, will be appointed to the NSG board and will lead the integration process. Other executive directors are expected to stay with the group.
