Glass manufacturer Pilkington has rejected a proposed £2bn ($3.5bn) bid from Japan's Nippon Sheet Glass.
Pilkington reported rising profits as it rejected the bid
Pilkington said it had told the Japanese firm the proposed offer fell "materially short" of the price which the board was prepared to recommend.
It had emerged on Monday that Nippon Sheet Glass, which owns about 20% of Pilkington, had made a bid approach.
St Helens-based Pilkington, one of the world's largest glassmakers, was founded in 1826 and has 24,000 staff.
Pilkington said that the conditional proposal by Nippon Sheet was for 150 pence per share inclusive of the interim dividend.
The rejection of the bid approach came as Pilkington reported a 22% rise in half-year profits to £99m.
The firm said the increase was helped by rising revenues from both building and automotive products.
"Although conditions in most of our markets remain challenging, we have continued confidence for the full financial year," said Pilkington chairman Sir Nigel Rudd.
On the London Stock Exchange, shares in Pilkington closed up 0.17% at 150.75 pence.