Belgium's Aliaxis withdraws offer for Finland's Uponor (updated)
14/06/2023 07:43
(Adds quote from Aliaxis, background)
COPENHAGEN, June 14 (Reuters) - Belgian water management
group Aliaxis BE0941243520.BR has withdrawn its public tender
offer for Finland's Uponor UPONOR.HE , the bidder said in a
statement on Wednesday.
Swiss industrial group Georg Fischer GF.S on Monday
made a rival offer of 28.85 euros per share, valuing Uponor at
2.1 billion euros, a 12% premium to the Belgian company's bid.
"Taking into account the announcement of Georg Fischer's
competing public tender offer on June 12 2023, and after
thorough review, the offeror has today decided to withdraw its
tender offer," Aliaxis said.
Aliaxis in late May made an all-cash offer for Uponor worth
1.87 billion euros ($2.06 billion), a 3% increase over the
Belgian group's initial bid in April.
Uponor had rejected the Aliaxis offers, arguing they
were insufficient even as the Belgian group had bought a 20%
stake in the company.
(Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))