Asahi Moves Towards 95% In Battle For Glaverbel

At the end of the public offer, which took place between March 18 and April 5 2002, Asahi Glass had accumulated, directly and indirectly, 91.45% of the share capital of Glaverbel. This is above the threshold of the 90% level which made the bid unconditional. On april 15 Asahi re-opened the offer at the original terms of 145 Euro per share of common stock, a price that was regarded as undervalued by several Glaverbel directors and minority shareholders. The remaining share holders had until May 6 to decide whether to accept the offer or not. Asahi is convinced that with the re-opening of the tender it will reach the level of 95%, which is the stake that by Belgian law would enable them to force minorities to tender their shares at 145 Euro.