AMSTERDAM, April 12 (Reuters) - Dutch drinks bottler Refresco said on Wednesday it had rejected a 1.4 billion euro ($1.48 billion) takeover offer from French private equity investor PAI Partners after its board concluded the offer was inadequate.
“Refresco has informed PAI that the proposed terms and conditions did not merit any further investigation and have accordingly rejected the proposal,” the company said.
Its shares were up 10 percent to 16.68 euros as of 1028 GMT, which valued the company at around 1.35 billion euros, shortly after Refresco issued its statement.
At Tuesday’s close, Refresco was valued at 1.21 billion euros.
The company employs some 5,500 people and has production facilities in the Benelux countries, Finland, France, Germany, Italy, Poland, Britain and the United States.
In 2016, it reported a net profit of 81.5 million euros on revenue of 2.1 billion euros.
$1 = 0.9432 euros Reporting by Thomas Escritt; editing by Jason Neely