AMSTERDAM (Reuters) - Dutch drinks bottler Refresco (RFRG.AS) said on Wednesday it had rejected a 1.4 billion euro (1.19 billion pounds) 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. PAI declined to comment.
Refresco’s shares jumped 9 percent to 16.52 euros as of 1319 GMT, which valued the company at around 1.3 billion euros.
Refresco, which was founded in 1999 and floated two years ago, makes and bottles fruit juices and soft drinks for retailers and brands in Europe and the United States.
The company employs 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.
Reporting by Thomas Escritt; editing by Jason Neely and Susan Fenton