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Uponor Rejects $2.1 Billion All-Cash Offer From Aliaxis

  • Belgian company improved its €25 a share offer to €25.75
  • Uponor board keeps looking into ‘strategic alternatives’
Pplastic pipe fittings.

Pplastic pipe fittings.

Photographer: Robert Caplin/Bloomberg

Updated on

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.