New Delhi, July 2 -- one company is being told it might be worth considerably more than its recent trading price; the other is being told it may be about to spend a very large sum on something the target does not appear to want to sell.

the target has not said yes, has not formally said no, and has not invited the acquirer to open its books. It is the corporate equivalent of leaving a message unreturned.

The strategic logic behind Carlisle's pursuit is legible. Both companies operate in building products, an industry where scale matters and where consolidation tends to follow periods of elevated construction activity. Owens Corning's segments, roofing, insulation, and doors, overlap with and complement Carlisle's own roofing systems bus...