Knauf succeeds with acquisition of Japanese drywall maker
By most measures, a takeover bid for a publicly listed drywall maker should not be a monumental event.
“We felt confident the TOB [tender option bond] would succeed by building what I would call ‘soft power,’ to have people understand your intentions,” Knauf, 47, said. “And, being a member of the Knauf family has given me a lot of credibility. It implies to Japanese business partners that you’re in for the long term, that you’re not making promises that are worth nothing.”Knauf is one of the biggest suppliers in the global drywall industry, a market that is projected to reach $31bn by 2028.
Sharp agreed to a takeover by Foxconn Technology in 2016 after it accumulated years of losses, though the electronics maker remains listed. Toshiba is in the middle of heated battle with investors that will determine whether it becomes a private company. While the larger deals tend to grab headlines, the Chiyoda Ute takeover bid happened under the radar. Though the takeover bid was valued at ¥7.
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