Owens Corning Issues Offer for Shares of OCV Steklovolokno
June 1, 2017
Cleary Gottlieb represented Owens Corning in connection with a voluntary tender offer (VTO) to purchase shares of its 88 percent-owned Russian subsidiary OCV Steklovolokno from minority shareholders and subsequent statutory squeeze-out of the remaining minorities.
The VTO was launched on November 15, 2016, and closed on February 14, 2017, with Owens Corning acquiring approximately 10.04 percent of shares and becoming entitled to proceed with the squeeze-out.
As a result of the subsequent squeeze-out completed on June 1, 2017, Owens Corning became the sole shareholder of OCV Steklovolokno.
Owens Corning is a global company that develops and produces insulation, roofing and fiberglass composites, based in Toledo, Ohio. Its shares are listed on NYSE.
OCV Steklovolokno is a leading Russian producer of fiberglass products, based in Gous-Khrustalniy, Vladimir Region.