Glass brand Pyrex is favourite to take over troubled French tableware manufacturer Duralex – but it has to review its takeover offer.
Pyrex’ parent company International Cookware submitted a takeover proposal to the Orleans Commercial Court, France, last week.
It was the only remaining company still in the running to takeover Duralex after two potential bidders withdrew.
But judges said "The presentation (of Pyrex) was of a high quality, both industrially and commercially, however, the offer is not equal to the minimum level expected by the court.”
It has asked the company to review its offer and return to court on Thursday, January 28.
Of the three offers originally filed, two were withdrawn, leaving International Cookware the only group in contention to take over the glassworks based in La Chapelle-Saint-Mesmin Loiret, France.