Pilkington rejected a revised 158p/share bid from Nippon Sheet Glass, its biggest shareholder, valuing the UK glassmaker at £2.07bn, claiming it was not high enough. The news sent Pilkington's shares down 3.2% to 145p. One major shareholder said: "We support the board's view that 158p materially undervalues the company. Pilkington's management have done a good job revitalising the company & this should command a better price than Nippon offered." The latest offer is the third that Pilkington has turned down from NSG, which owns a 20% stake in the group. The holding makes it difficult for a counterbidder to make a rival offer. "Pilkington has considered the revised proposal & has informed NSG that the pre-conditions are unacceptable & the price still falls short of a level which it would be prepared to recommend," the company said in a statement. to the Stock
