U.K. panel orders Akzo to make formal offer
Netherlands-based coatings company Akzo Nobel has been asked by a U.K. Takeover Panel to make a formal offer for paint giant Imperial Chemical Industries (ICI) or give up its pursuit, according to the Associate Press.
Under the U.K.’s takeover rules, Akzo will be barred from launching another takeover for six months if it does not bid for the company formally by Aug. 9.
ICI, which makes paints under the names Dulux and Glidden, rejected last month a $14.2 billion buyout offer by Akzo Nobel.
“The board of ICI considered this proposal and unanimously rejected it on the grounds that it significantly undervalues ICI,” a statement from the company said.
In May, London-based ICI announced plans to delist from the New York Stock Exchange in a bid to save about $8 million.
ICI sells paint in Europe, the Americas and in the Asia-Pacific region.
Akzo manufacturers paints and coatings under the names Crown, Sikken and Schoenox, with operations in 60 countries.
LP names new vp–oriented strand board
Louisiana-Pacific has named Jamey Barnes, 56, vp–oriented strand board (OSB).
Barnes joined the company in 2006 as Eastern region OSB manager. He has more than 30 years experience in wood products manufacturing, having held previous posts at International Paper and Georgia-Pacific.
In his new role, Barnes will oversee manufacturing at LP’s 13 OSB facilities in North America. LP’s OSB products include sheathing, TopNotch sub-flooring and TechShield radiant barriers.
“His extensive management experience in wood products manufacturing and impressive leadership abilities will help us continue to drive our efficiency, modernization and innovation efforts,” said Jeff Wagner, executive vp–OSB.
LP, based in Nashville, Tenn., is one of the country’s largest suppliers of building products for the retail, wholesale and home building industries.
Wal-Mart, Menards approved for Mundelein, Ill.
The town of Mundelein, Ill., has approved a controversial plan to build a $90 million shopping center that will include a Wal-Mart and a Menards.
Village trustees approved the plan Monday by a 5-1 vote, although they made it clear that more work needs to be done with the Rubloff Development Group to satisfy concerns about the project’s architectural design.
Mundelein Town Center is a 94-acre, 600,000-square-foot retail project to be built just west of the existing Mundelein Crossings mall near Ivanhoe.
Anchoring the mall will be a 160,000-square-foot Menards, a 204,000-square-foot Wal-Mart Super Center, and an 88,000-square-foot Kohl’s. Also planned for the site are a Dick’s Sporting Goods and an OfficeMax.
The project has been opposed by some local residents who say that such a mall is too big, and when coupled with the nearby Crossings mall will create traffic congestion in the area.