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Uponor rejects rival Aliaxis' unsolicited offer

Reuters
·1-min read

COPENHAGEN (Reuters) - Finland's Uponor said on Wednesday it rejected an unsolicited offer from Belgian rival Aliaxis, adding that the suggested price of 25 euros per share did not reflect the company's value and long-term prospects.

Uponor's board unanimously rejected the offer, but said it would consider any further proposals made by Aliaxis or any other party, if it was in the best interest of its shareholders.

Aliaxis last Monday made a $2 billion unsolicited offer to buy Uponor, seeking to form a global water management group, and the following Monday raised its stake in the Finnish company to 10.6%.

Oras Invest, Uponor's largest shareholder with about 25.7% of the company's shares, said on the day Aliaxis made its unsolicited offer that it had no intention of accepting it.

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik and Essi Lehto)