The scramble for Dutch pipe maker Wavin (Zwolle; www.wavin.com) continues after the company’s board recently rejected yet another, improved offer from Mexichem (Tlalnepantla / Mexico; www.mexichem.com.mx). After previously offering EUR 8.50 for each share (see Plasteurope.com of 28.11.2011), the North American chemical group upped its offer to EUR 9 per share, equivalent to a total price of EUR 457m. Even though the revised offer reportedly offers better non-financial terms than the first attempt, Wavin’s board and shareholders have rejected the renewed attempt, arguing that “the price materially undervalues the company and its prospects.”

Nonetheless, it seems as though the two parties are making progress, as Wavin shareholder Delta Lloyd (Amsterdam / The Netherlands; www.deltalloyd.nl), which controls 7.9% of the pipe producer’s shares, reportedly called on Wavin’s board to allow Mexichem to undertake due diligence. The Dow Jones news service cites Delta Lloyd’s head of equities Jack Jonk, who reportedly said Wavin’s stand-alone value exceeds EUR 10 per share, adding that a future bid should also reflect the synergies that could be realised from a combination.