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Royal Group Technologies is a leading producer of innovative, attractive, durable, and low-maintenance home improvement and building products, which are primarily used in both the renovation and construction sectors of the North American construction industry. The Company has manufacturing operations located throughout North America in order to provide industry-leading service to its extensive customer network.
The above description of Royal Group neglects to mention that the company has been on the selling block for about a year, that it has gone through a few accounting shenanigans, that its founder was ousted in an ugly proxy fight in late 2004 and that it is fighting a $1 billion class-action lawsuit.
Other than that, Royal Group is just peachy.
Well, actually better than peachy. On Friday they received a buyout offer from Georgia Gulf (GGC) for $13 Cdn - 43.5% above the previous market close. According to the CEO of Georgia, the bid is unconditional and takes into account all potential liabilities. So the chances of it being approved by the shareholders on July are quite high.
So is this a free lunch?
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