Belgium's Aliaxis ups bid for Finland's Uponor (updated)
22/05/2023 08:01
(Adds share price, quote)
COPENHAGEN, May 22 (Reuters) - Belgian water management
solutions group Aliaxis BE0941243520.BR said on Monday it had
made an all cash public tender offer for Finnish plumbing and
heating systems maker Uponor UPONOR.HE worth 1.87 billion
euros ($2.06 billion).
Aliaxis announced on April 17 a non-binding intention to
make a cash offer for Uponor worth 1.82 billion euro, which the
Finnish company later rejected.
The offer on Monday of 25.75 euros per share in Uponor was
up from an earlier indication of 25 euros, and represents a
premium of about 54.7% compared to the closing price of Uponor
shares on April 13, Aliaxis said.
"The tender offer delivers immediate and derisked value
to Uponor's shareholders, amidst heightened uncertainties in the
operating environment and volatility in financial markets,"
Aliaxis said in a statement.
The offer period is expected to begin on or about June 21
and to initially expire on or about August 29 this year.
($1 = 0.9084 euros)
(Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))