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CertainTeed Corporation Offers $8.00 per share for Brunswick Technologies, Inc

  • Wednesday, 26th April 2000
  • Reading time: less than a minute

CertainTeed Corporation, a wholly owned subsidiary of Saint-Gobain announced that it intends to commence a tender offer for all of the approximately 5.2 million outstanding common shares of Brunswick Technologies, Inc. not already owned by Vetrotex CertainTeed Corporation, a wholly owned subsidiary of CertainTeed, at a price of $8.00 per share, in cash. This offer represents a premium of approximately 46% over BTI’s closing price on Friday, April 14, 2000. Vetrotex, CertainTeed’s fiber glass reinforcements business, currently owns about 14% of the outstanding shares of BTI. This offer is announced after CertainTeed’s repeated requests to negotiate a transaction were deferred by BTI’s directors. CertainTeed believes that the offer delivers significant and immediate value to BTI shareholders. Additionally, the combination of Vetrotex and BTI can achieve benefits for both companies by bringing a well managed, financially stronger and more diverse company together with BTI at a crucial time in its development. CertainTeed prefers to meet with representatives of BTI to pursue meaningful negotiations but, if not, CertainTeed believes that BTI shareholders should be given the opportunity to consider and act upon the offer.

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