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Dutch plastic pipes manufacturer Wavin has received an unsolicited and non-binding takeover proposal from Mexican petrochemical and plastics company Mexichem (BMV: MEXCHEM), the former said in a statement.
Wavin's board will now study the proposal, which is for all of its outstanding shares, the Dutch firm said without providing financial details. The company has hired Bank of America Merrill Lynch as financial advisor.
Wavin has a presence in 26 European countries, with manufacturing sites in 18 of those and one in China.
The firm reported revenue of over 1.2bn euros (US$1.62bn) in 2010.