SHAREHOLDERS in Superglass, the insulation maker which employs 150 in Stirling, have given overwhelming backing to the £8.7 million takeover bid for the firm made by Russian roofing tycoon Sergey Kolesnikov.
The company said Mr Kolesnikov’s Inflection had received valid acceptances of its 5.6p per share offer from the holders of 98.7 per cent of the shares in issue.
Cyprus-registered Inflection said it had declared the offer unconditional.
It expects to cancel Superglass’s listing on the Aim stock market on or around 29 September 2016.
The bid price offered a 114 per cent premium to the 2.62p price that Superglass shares traded at the day before the move was announced in July.
The price of Superglass shares had fallen sharply in recent years as the company grappled with tough trading conditions. The slow take up rate for official schemes to curb emissions, which were expected to boost demand for insulation, caused complications.
Superglass had floated with a market value of £121m in July 2007, before the financial crisis.
Mr Kolesnikov plans to use Superglass to help the TechnoNICOL roofing and insulation group he runs build a presence in the UK market.
Superglass will distribute TechnoNICOL’s construction products in the UK and Ireland.
When the recommended offer was announced, Mr Kolesnikov said: “We are impressed with Superglass’s management team and look forward to working with them.”
Inflection said Superglass’s manufacturing and head office operations would remain at Stirling under the leadership of the current chief executive Ken Munro.
It said yesterday the offer will remain open for acceptance until further notice.
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