Advertisement

Firestone turned down a request by Pirelli...

Share

Firestone turned down a request by Pirelli to discuss the Italian tire maker’s unsolicited $1.9-billion tender offer. Firestone already has agreed to a $1.25-billion deal with Bridgestone Corp. under which the Japanese firm is to take over 75% of Firestone’s tire business. In a letter to Pirelli, Firestone Chief Executive John J. Nevin said: “I appreciate the invitations to meet” but added that it would be “inappropriate . . . before I have had the opportunity to obtain the advice and counsel of our board.” Meanwhile, a federal judge has scheduled a hearing in Cleveland today to review the constitutionality of Ohio’s anti-takeover law in an action filed by Pirelli. Akron-based Firestone also charged in federal court that Pirelli has failed to make full disclosure in its bid as required under Ohio and federal securities laws.

Advertisement