NZ's Steel & Tube rebuffs enhanced takeover offer from Fletcher Building

Steel & Tube Holdings

14/10/2018 20:47

Oct 15 (Reuters) - New Zealand's Steel & Tube Holdings
 STU.NZ  on Monday said it received a sweetened NZ$315.4 million
($204.95 million) takeover offer from Fletcher Building Ltd
 FBU.NZ , which it again rebuffed on grounds that it undervalues
the company.
    The new NZ$1.90 per share price is about 11.8 percent higher
than the previous offer and is at a 26.7 percent premium to
Steel & Tube's last close. 
    The offer also provides for a dividend of up to 5 New
Zealand cents per share. 
($1 = 1.5389 New Zealand dollars)

 (Reporting by Devika Syamnath in Bengaluru
Editing by Robin Pomeroy)
 ((Devika.Syamnath@thomsonreuters.com; +91 80 6749 1130; Reuters
Messaging: Devika.Syamnath.thomsonreuters.com@reuters.net))