Finnish plumbing firm Uponor supports Georg Fischer's rival bid (updated)
12/06/2023 07:05
(Adds valuation in paragraph 3, background in paragraphs 2 & 4)
OSLO, June 12 (Reuters) - Swiss industrial group Georg
Fischer GF.S said on Monday it had launched a rival cash bid
for Finnish plumbing and heating systems maker Uponor
UPONOR.HE , offering a premium of 12% compared to a bid by
Belgium's Aliaxis BE0941243520.BR .
Uponor's board, which had rejected the Aliaxis offer, said
in a statement it recommended that shareholders accept the Swiss
company's bid.
Georg Fischer's offer of 28.85 euros per share valued Uponor
at 2.1 billion euros ($2.26 billion), which was at a 12% premium
to Aliaxis 25.75 euro bid.
Uponor last month said the unsolicited offer from the
Belgian group had drawn the attention of other potential
bidders, but did not name any suitors at the time.
($1 = 0.9308 euros)
(Reporting by Terje Solsvik; Editing by Jacqueline Wong and
Rashmi Aich)
((terje.solsvik@thomsonreuters.com; +47 918 666 70))