Dutch plastic pipe manufacturer Wavin has rejected an improved offer from Mexican chemical and petrochemical firm Mexichem (BMV: MEXCHEM) to acquire all outstanding shares of the company, the former said in a statement.
Last month, Mexichem presented an offer of 8.50 euros per share, which valued Wavin at 432mn euros (US$578mn). On Tuesday (Dec 6), however, Mexichem sweetened its bid to 9.00 euros, valuing the firm at 457mn euros.
The new offer still "materially undervalues the company and its prospects," Wavin said.
"Future discussions are conditional on, amongst others, an offer price acceptable to the management board and the supervisory board as well as sufficient comfort on a number of non-financial terms of the non-binding offer," Wavin added.