New Zealand's Steel & Tube rises; co rejects takeover offer from Fletcher Building

Steel & Tube Holdings

10/10/2018 04:22

** Shares of Steel & Tube Holdings Ltd  STU.NZ  rise as much
as 2 pct to NZ$1.510
    ** Steel distributor writes to shareholders about board's
decision to turn down competitor Fletcher Building's  FBU.NZ 
takeover offer  urn:newsml:reuters.com:*:nNZSj00a
    ** Says the NZ$1.70 per share offer significantly
undervalues the board's view of the company's value  
    ** Over 352,000 shares change hands, compared with 30-day
average of 304,450 shares
    ** Shares of Fletcher Building fall as much as 1.6 pct to
NZ$6.2000
    ** Steel & Tube's stock had declined 23.8 pct this year as
of last close, compared with 8 pct increase in benchmark S&P/NZX
50 Index  .NZ50 
($1 = 1.5418 New Zealand dollars)

 (Shriya.ramakrishnan@thomsonreuters.com)
 ((Reuters messaging:
shriya.ramakrishnan.thomsonreuters.com@reuters.net))