Deals
Standard Industries Hits Back at Braas Monier Over Bid Price
- U.S. firm defends price, rationale for deal after rejection
- Letter calls Braas’s claims ‘misleading’ and ‘falsehoods’
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Standard Industries Inc., the U.S. roofing and waterproofing business, defended its 980 million-euro ($1.1 billion) offer for German supplier Braas Monier Building Group SA, rejecting claims made by the target that its bid is too low.
A letter sent by Braas Monier to its shareholders last week “contains a number of misleading statements and outright falsehoods that we feel obligated to correct,” Standard Industries said in a message to those same investors on Monday. The U.S. company sought to counter claims made by the German firm on Sept. 23, which said the bid of 25 euros a share offers no premium and ignores potential cost savings and comparable deals.