The hostile takeover of Uponor Oyj heated up on Monday after Aliaxis SA increased its offer to €1.9 billion ($2.1 billion), and was again turned down by the Finnish plumbing-equipment maker’s board.
Aliaxis offered €25.75 a share for the Vantaa-based company in an all-cash public tender offer, it said in a statement. The offer represented a premium of 35.5% compared to the highest closing price of Uponor’s shares during the 12 months ended April 14. That’s after Uponor had already once spurned a €1.8 billion indicative bid from the Brussels-based company in April, saying the €25 per-share cash offer was too low.
