Superglass agrees to £8.7m takover by Russian

Superglass CEO Ken Munro

Stirling based insulation firm Superglass said it is recommending that its shareholders accept a £8.7 million cash takeover offer from Cyprus incorporated investment vehicle Inflection.

Sergey Kolesnikov, the sole shareholder of Inflection, is also the president and managing partner of the TechnoNICOL group of companies, a Russian roofing and insulation group.

Superglass shareholders would receive 5.6p in cash per share, a premium of 114% to the closing price of 2.62p on July 21.

Superglass shares suffered a spectacular collapse in recent years as it went through a number of restructurings.

The company had a stock market value of more than £100 million after it went public about nine years ago.

Kolesnikov and Inflection hope that Superglass “is likely, over time, to become the leading distributor of TechnoNICOL Construction’s products in the UK and Ireland.”

The Superglass board said it has unanimously recommended that Superglass shareholders accept the offer.

Inflection has received irrevocable undertakings to accept the offer from Superglass shareholders who control 63.53% of the firm’s shares.

Inflection needs at least 90% to close the deal.

Kolesnikov said: “This transaction and the commercial partnership between Superglass and TechnoNICOL is a strategic opportunity for all parties, providing TechnoNICOL with a presence in the UK and Irish insulation markets.

“We are impressed with Superglass’ management team and look forward to working with them.”

Mark Cubitt, chairman of Superglass said: “This offer is good for all stakeholders in Superglass.

“For shareholders, it represents an all cash premium of 114% to the pre-deal announcement price and a meaningful premium to the 2014 placing price; and for employees it offers the prospect of access to the opportunities, products, distribution channels and funding support of a much larger multinational player in the building materials market to build on the already significant progress made in the last year under the new management team.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.