Weir Group, has had a second offer for Metso rejected by the Finnish company’s board of directors. The UK engineering company had submitted an improved all-share bid that offered Metso shareholders 0.95 Weir shares per Metso share – a 13% improvement on the initial bid.
In response, Mikael Lilius, chairman of Metso, said the board had “considered the approached from Weir carefully and throroughly” but that it was the opinion of the board that the proposal “significantly undervalues the opportunity.”
Following this second rejection, Weir said it had no plans to pursue this opportunity further at this time.