Draka rejects Nexans offer

News Broadband Global 27 OKT 2010
Draka rejects Nexans offer
Draka has rejected the takeover bid from Nexans, saying it "substantially undervalues" the company. The Netherlands-based cablemaker said the offer does not address the position and legitimate interests of all stakeholders, nor the execution risk of the transaction as proposed by Nexans. Nexans had earlier reached an agreement with Draka's main shareholder Flint Management to accept an offer of EUR 15 per share. Draka said it will actively review its strategic alternatives, including continuing its stand-alone strategy, and will evaluate these alternatives taking into account the interests of all its stakeholders, including its shareholders. In this context, Draka acknowledges Flint's intention to exit as a Draka shareholder.

Categories:

Fixed

Companies:

Draka,  Nexans

Regions:

Global

Countries:

Netherlands

Tags:

Network equipment, Wholesale, M&A buyouts & divestments

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