Metroglass spurns $33.4m offer from Masfen and Wells

Simon Mander is the CEO of Metro Performance Glass. (Image: Metroglass)

Tue, 18 Jul 2023

Metro Performance Glass has rejected a non-binding offer from cornerstone shareholders Peter Masfen and Peter Wells, which valued the struggling glass maker at $33.4 million. The rich-listers pooled their 25% stakes – via their entities Masfen Securities and Takutai Ltd – in a cooperation deal and today sought to buy the rest of Metroglass at 18 cents a share, a 14.6% premium to yesterday’s closing price of 15.7 cents and more than the company’s net tangible asset value of 16.8 cents per share. The company&rsqu...

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