Altadis board unlikely to accept an Imperial offer below 53 eur - source |
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Wed, 21 Mar 2007 17:32
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MADRID (AFX) - Altadis SA's board is unlikely to recommend any bid from Imperial Tobacco Group PLC below 53 eur per share, a source close to the matter said.Imperial's 45 eur per share offer was rejected last Friday by the Spanish-French tobacco manufacturer.Earlier today, the UK firm's CEO Gareth Davis reiterated that the group wants to win recommendation from Altadis' board before a full takeover bid is launched.'We look forward to progressing further dialogue, with a view to obtaining a recommendation,' chief executive Gareth Davis told analysts at a trading briefing in London.But the source close to the matter said a tie-up with Imperial is perhaps not the best fit for Altadis, noting that there are other potential partners.afxmadrid@afxnews.comjdy/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Imperial Tobacco expected to raise offer for Altadis this week - report 