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Platinum Equity Alleges PPG Inflated Value of Auto Glass Business
11:50 AM MST | December 28, 2007 | Nancy Seewald
Investment firm Platinum Equity (Beverly Hills, CA) has accused PPG Industries of “artificially” inflating the value of its automotive OEM glass and automotive replacement glass and services businesses, which Platinum was planning to acquire for $500 million. Platinum had agreed to acquire PPG’s auto glass assets in September, at which time analysts estimated the purchase price was about five times Ebitda. In a lawsuit filed this week in the Supreme Court of New York, however, Platinum alleges that PPG provided false revenue projections for the...
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