LAWFUEL – The Law News Network – Allen & Overy is advising Nippon Sheet Glass Co., Limited, the Japanese glass maker listed on the Tokyo Stock Exchange, on its recommended cash acquisition of Pilkington PLC, the London listed company, at 165 pence for each Pilkington share, valuing Pilkington’s issued share capital at approximately £2.2 billion.
The acquisition is to be effected by way of a scheme of arrangement under Section 425 of the Companies Act and will create a global glass maker with combined sales of approximately £3.7 billion.
Corporate partner Don McGown is leading the Allen & Overy team, assisted by partner Mark Gearing and associates Richard Evans, Simon Toms and Eva Beattie. Partner Simon Roberts and associate Sinead Murphy are advising on UK financing arrangements, partner Michel Struys and associate Maureen O’Neill on antitrust matters, partner Mervyn Parry and associate Rebecca Buchanan on pensions, associate Ian Fyffe on incentive issues, partner Mark Mansell and associate Kaye Maguire on employment matters and associates Justin Pavry and Jennifer Wallace on environmental issues. Partner Brenda Coleman and Lydia Challen are advising on tax matters and assistance is also being provided by partner Cees Vellekoop and associate Andrew Marriott in Allen & Overy’s Tokyo office.
Commenting on the transaction, Don McGown said: “We are delighted to be advising our long-standing client, Nippon Sheet Glass, on this transaction which is a transformational deal for the glass industry and is one of the few UK public transactions involving a Japanese purchaser.”