July 6, 2018 / 8:27 AM / 4 months ago

Ontex says it rejects takeover bid from PAI Partners

July 6 (Reuters) - Belgian diaper maker Ontex said on Friday it had rejected a proposed cash offer for its outstanding shares from private equity firm PAI Partners.

“Having reviewed the proposal, the Ontex board of directors has unanimously rejected it on the basis that it significantly undervalued the Company,” Ontex said in a statement.

Ontex’s market capitalisation was 1.59 billion euros ($1.86 billion) as of Thursday’s close.

Reporting by Alan Charlish in Gdynia; Editing by Thyagaraju Adinarayan

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