National Gypsum Co. rejected yesterday a $1.12 billion takeover offer from BPB Industries PLC, Europe's largest wallboard manufacturer, but held out the possibility of considering a higher offer.
National Gypsum said the offer of $48.50 a share in cash made Tuesday by BPB Industries was inadequate. The rejection came a day after a previously spurned suitor, Delcor Inc., said it was considering topping the BPB bid.
Expecting the bidding for Charlotte, N.C.-based National Gypsum to intensify, analysts said the chances of the company's remaining independent were diminishing.