Saint-Gobain said that it has no intention of buying the whole of Sika and will follow its plans to acquire a controlling stake from the Burkard family. Sika said that the current offer values the family’s holding at an 80% premium, while providing no reward for other shareholders.
After receiving a request from Sika AG to bid for the entire company, Saint-Gobain SA said that it has no intention of buying the whole of Sika and will follow its plans to acquire a controlling stake from the Burkard family.
Sika said that the current offer values the family’s holding at an 80% premium, while providing no reward for other shareholders.
Although Sika has received support from investors, including the Bill & Melinda Gates Foundation Trust and Fidelity Worldwide Investment, Saint-Gobain presented its proposal to Sika’s management and directors in Zurich on 19 January according to a report.
Investors have said that the situation has descended into a legal mess that threatens to disrupt Sika’s business. Sika has fallen 28% since the deal was announced in December, according to the report. Saint-Gobain proposed that Sika will remain a Swiss company and keep its listing on the Swiss stock exchange once the transaction is complete.
A shareholder meeting called by the Burkard family and Saint-Gobain to replace directors is expected to be called.