Royal target of takeover bid (May 17, 2005)

Royal Group Technologies Ltd.’s efforts to restructure and put its troubles behind have been thrown off track by a surprise, billion-dollar takeover proposal from a New York investment fund. Cerberus Capital Management Ltd. informed Royal Group yesterday it wants to begin due diligence in preparation for a possible takeover bid worth $14 a share, or $1.31 billion in total.
The company’s interim chief financial officer, Robert Lamoureux, said the bid poses new questions for Royal, and that the company is weighing all its options, according to a report published in The Globe and Mail.