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The board of Swiss adhesives and construction chemicals maker Sika is taking additional steps to prevent a $2.8 billion takeover by building products firm Saint-Gobain. In December 2014, independent directors threatened to resign over the planned sale to Saint-Gobain of the Sika founding family’s 16% stake, which comes with 52% of the firm’s voting rights. Directors now say that Sika’s bylaws restrict the family’s voting rights to 5%. Saint-Gobain says the directors’ interpretation of the bylaws is illegal.
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