Australia's Orora rejects $2.25 bln takeover offer from PE firm Lone Star (updated)

Orora

13/08/2024 01:28

(Adds details in paragraphs 2-3)
       Aug 13 (Reuters) - Australia's Orora Ltd  ORA.AX  said
on Tuesday it had rejected a A$3.42 billion ($2.25 billion)
non-binding takeover offer from private equity firm Lone Star
Fund XII Acquisitions, stating the offer materially undervalues
the packaging products maker.
    Under the offer, Orora shareholders would have received
A$2.55 per Orora share from Lone Star, a 33.9% premium to the
stock's last close.
    The company has determined that it is not in the best
interest of its shareholders to engage further engage with Lone
Star on the offer, Orora said in a statement, adding that the
offer is "opportunistic".
    
    

($1 = 1.5184 Australian dollars)

 (Reporting by John Biju in Bengaluru; Editing by Rashmi Aich)
 ((John.Biju@thomsonreuters.com;))