June 5, 2020 / 5:30 PM / a month ago

Guala Closures says price of Investindustrial's offer is "inadequate"

MILAN, June 5 (Reuters) - Italian bottle cap maker Guala Closures said on Friday the price proposed by Investndustrial to buy a minority stake in the company was “inadequate”.

In April, private equity fund Investindustrial launched a bid to buy 22.6% of Guala share capital at 6 euros per share for a total amount of around 91 million euros ($102.71 million)through a vehicle called Special Packaging Solutions Investment.

A fairness opinion prepared by independent adviser Rothschild calculated an adequate price range for Guala’s shares of between 6.9 euros and 8.3 euros each. ($1 = 0.8860 euros) (Reporting by Francesca Landini, editing by Gianluca Semeraro)

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