Trevi board rejects Webuild's takeover bid price as unfair

By Reuters News

MILAN, Sept 24 (Reuters) - Italian engineering company Trevi Finanziaria Industriale TFI.MI said on Thursday its board deemed unfair the price proposed by larger rival Webuild WBD.MI to buy the company, saying it did not adequately reflect Trevi's value.

  • Trevi has attracted two competing bids from Webuild and smaller rival Icop ICOP.MI in recent months.

  • Webuild has offered €4.50 per share in cash for all of Trevi's shares, valuing the company at €295 million ($335 million).

  • Earlier this month, Trevi's board also deemed Icop's offer financially inadequate.

  • Icop's all-share takeover bid for all of Trevi, values the company €273 million, or €4.16 per share.

  • The acceptance period for Icop's offer began on September 14 and runs until October 16. The bid has attracted little or no acceptances so far, according to Borsa Italiana data.

  • The acceptance period for Webuild's bid is due to begin on September 28 and end on November 20.



($1 = 0.8797 euros)

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