UPONOR
Finnish pipe maker rejects higher offer from Aliaxis
 Uponor board member Hans Sohlström (Photo: Uponor) |
The slight increase in the purchase offer from Aliaxis (Brussels; www.aliaxis.com) is apparently still not enough for pipe manufacturer Uponor (Vantaa, Finland; www.uponorgroup.com) as the company has rejected the latest takeover bid from its Belgian competitor.
The reasoning given by Hans Sohlström and other board members was that the new bid of EUR 25.75 per share does not reflect Uponor’s growth prospects and is below the Nasdaq closing price of Uponor shares on 19 May of EUR 26.38. The latest attempt was 3% more than the first non-binding offer and 48.9% above the closing price on 14 April, the last trading day before the announcement interest from Aliaxis.
Related: Cost-cutting at Uponor: pipe assembly plant in Germany to shut
The new bid, like the first one, is subject to conditions. One is that the offer will only take effect if Aliaxis can secure more than half of Uponor’s shares between 21 June and 29 August 2023. Currently, the Belgian company holds 20.16% of Uponor’s shares.
The reasoning given by Hans Sohlström and other board members was that the new bid of EUR 25.75 per share does not reflect Uponor’s growth prospects and is below the Nasdaq closing price of Uponor shares on 19 May of EUR 26.38. The latest attempt was 3% more than the first non-binding offer and 48.9% above the closing price on 14 April, the last trading day before the announcement interest from Aliaxis.
Related: Cost-cutting at Uponor: pipe assembly plant in Germany to shut
The new bid, like the first one, is subject to conditions. One is that the offer will only take effect if Aliaxis can secure more than half of Uponor’s shares between 21 June and 29 August 2023. Currently, the Belgian company holds 20.16% of Uponor’s shares.
25.05.2023 Plasteurope.com [252820-0]
Published on 25.05.2023
German version of this article...