Trevi says Webuild's sweetened bid is at low end of fair value range
Trevi says Webuild's sweetened bid is at low end of fair value range Oct 8 (Reuters) - Italian engineering group Trevi TFI.MI said on Thursday that the improved takeover price offered by larger rival Webuild WBD.MI falls at the lower end of its fair valuation range.
Webuild on Monday raised its cash offer to €5.165 ($5.78) from €4.50 per share. As of October 7 it held a stake of around 27.7% in Trevi.
Trevi's board, which met on Thursday, found that Webuild's sweetened price was at the lower end of the valuation range it had previously identified as fair value between €5.1 and €6.1 per share
The board's assessment does not constitute a recommendation to accept or reject the offer, Trevi said
Webuild and smaller rival ICOP ICOP.MI are both bidding for Trevi. ICOP has also raised its price to €5.165 per share, but as part of an all-share offer
Trevi's board has deemed ICOP's sweetened offer "not financially adequate"
($1 = 0.8937 euros)
(Reporting by Enrico Sciacovelli, editing by Alvise Armellini, Gianluca Semeraro)
((Enrico.sciacovelli@thomsonreuters.com))