The directors of Ardagh Glass may face a minority protection action from some shareholders over its takeover by Caona. they have instructed a firm of solicitors to see if action can be taken, according to a report in The Irish Times. They are not happy with the Euros 4/share price they have been offered and claim that the Ardagh board has not provided sufficient information for them to judge if it is fair. Caona is a special purpose company controlled by a number of Ardagh's large shareholders. The biggest stakes are held by Paul Coulson and his investment company Yeoman. Members of the management of Ardagh and some of the directors also have shares in Caona, which claim to have received acceptances for its offer from shareholders holding in excess of 96% of the company.
