TRELLEBORG, Sweden (May 24)—Trelleborg A.B. is standing by its $423 million offer to buy all the shares in roofing products supplier Icopal A/S despite being rejected by the Danish group´s board. Trelleborg confirmed its position following a May 22 statement from the Icopal board that the offer did not "sufficiently reflect Icopal´s real future value potential." Icopal is holding talks with other potential partners, which might produce a higher bid and be "a more satisfactory solution from an industry point of view," the board said. Trelleborg claims to have the support of more than 50 percent of Icopal shareholders for its offer, which is due to expire June 7.