WAVIN
Follow-up: Mexichem takeover offer reportedly too low
Mexichem’s (Tlalnepantla / Mexico; www.mexichem.com.mx) EUR 431.6m offer to acquire pipe systems manufacturer Wavin (Zwolle / The Netherlands; www.wavin.com) – see Plasteurope.com of 23.11.2011 – has been deemed too low by the Dutch company’s main shareholder Delta Lloyd (Amsterdam / The Netherlands; www.deltalloyd.nl), Dow Jones reports.
The Mexican group said it would pay EUR 8.50 for each Wavin share, but in the wake of its unsolicited takeover offer, Wavin shares surged, leading brokerages to raise their target price on the stock to more than EUR 10 per share. Market brokers believe it is highly likely that Mexichem, which in August this year secured a credit line of up to USD 1 bn, will relaunch its bid close to the new price, Dow Jones reports.
The Mexican group said it would pay EUR 8.50 for each Wavin share, but in the wake of its unsolicited takeover offer, Wavin shares surged, leading brokerages to raise their target price on the stock to more than EUR 10 per share. Market brokers believe it is highly likely that Mexichem, which in August this year secured a credit line of up to USD 1 bn, will relaunch its bid close to the new price, Dow Jones reports.
28.11.2011 Plasteurope.com [220953-0]
Published on 28.11.2011
German version of this article...