BERLIN Oct 19 Activist investor Petrus Advisers
on Wednesday criticised a 25 euro per share offer for German
roof tile maker Braas Monier from U.S. rival Standard
Industries as too low in an open letter to Standard Industries
owner 40 North.
* "40 North's offer is a mistake," London-based Petrus
writes in a letter to 40 North, published on its website.
* Standard Industries' offer for Braas Monier values it at
about 1.9 billion euros ($2.1 billion) including debt. The
German company has rejected the offer as too low.
* The Petrus letter says that "25 euros per share
substantially undervalues Braas Monier even before taking into
account the synergies 40 North wants to reap".
* Petrus holds a little less than 3 percent of Braas Monier,
a source close to the matter said. It would have to declare its
stake only when it passes the 3 percent threshhold.
* Petrus said it will not tender its shares at 25 euros and
sees a price of between 28.50 euros and 31 euros as acceptable.
(Reporting by Alexander Huebner; Writing by Victoria Bryan;
Editing by David Goodman)