Deals
Braas Monier Urges Shareholders to Reject Takeover Bid in Letter
- ‘Four clear reasons’ given to oppose Standard Industries offer
- Braas says 25 euros a share ignores synergies, past valuations
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Braas Monier Building Group SA, the German maker of concrete and clay roofing trying to fend off a takeover, said an unsolicited bid from Standard Industries Inc. of the U.S. ignores potential cost savings and comparable deals.
Standard Industries could reap 30 million euros to 40 million euros ($45 million) in synergies by combining its existing rooftiles maker Icopal A/S with Braas Monier, according to estimates cited in a letter to shareholders seen by Bloomberg.