22nd Jul 2016 11:33
LONDON (Alliance News) - Insulation maker Superglass Holdings PLC on Friday said it has agreed to be acquired by Cyprus-based investment company Inflection Management Corp for GBP8.7 million.
Inflection will pay 5.60 pence per share for Superglass, more than double its 2.62p closing price on Tuesday. Superglass shares were up 90% to 5.00p immediately after the news.
Inflection is owned by Sergey Kolesnikov, the president and managing partner of Russian roofing and insulation group TechnoNICOL. Over time, the intention would be for Superglass to become the main distributor of TechnoNICOL products in the UK and Ireland.
The Superglass board has unanimously recommended the offer.
"This offer is good for all stakeholders in Superglass," said Superglass Chairman Mark Cubitt, noting the premium at which the offer has been made and the opportunities for Superglass post-acquisition from distribution TechnoNICOL products.
"This transaction and the commercial partnership between Superglass and TechnoNICOL is a strategic opportunity for all parties, providing TechnoNICOL with a presence in the UK and Irish insulation markets. We are impressed with Superglass' management team and look forward to working with them," said Kolesnikov.
By Sam Unsted; [email protected]; @SamUAtAlliance
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