Senior PLC shares fell 13% on Tuesday after the company turned down the latest offer from US private investor Lone Star Funds LLC, noting that it “continues to fundamentally underestimate the company and its future prospects.”
Lone Star Funds said on Monday that it has made its fifth and final proposal for a possible cash offer, which values the UK engineering firm at £ 838.8 million ($ 1.17 billion), or 200p per share. The previous offer was 185p per share.
At 2:30 pm GMT, the stock fell 20.80p to 144.90p.
The senior said he would be willing to partner with Loan Star or other potential bidders at a price that reflects the fundamental value of the business. However, he noted that the last offer was announced by Loan Star as final and therefore cannot be increased unless a third party comes with the offer.
The senior added that the board of directors is confident that its strategy will bring significantly more benefits to shareholders in the medium term.
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