28th May 2021 17:59
(Alliance News) - Senior PLC late Friday said it rejected a GBP738 million takeover proposal from Lone Star Global Acquisitions Ltd, saying it undervalued the company.
Private equity firm Lone Star made an offer of 176 pence last Thursday, which was its third unsolicited proposal. The stock closed up 34% at 158.92p on Friday.
"The board of Senior considered the proposal, together with its advisers, and concluded that it fundamentally undervalued Senior and its future prospects. Accordingly, on 21 May 2021 the board of Senior unanimously rejected the proposal," the company said.
By Arvind Bhunjun; [email protected]
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