Draka

Dutch media last week reported that Flint Beheer had hired investment bank Lazard to advise it on the sale of its stake in Draka.

Nexans to Bid for Draka Inti Landauro 2010

"After careful consideration, the board of management and the supervisory board of Draka are of the view that the unsolicited indicative nonbinding proposal from Nexans is inadequate as it substantially undervalues Draka and does not address the position and legitimate interests of all stakeholders, nor the execution risk of the transaction as proposed by Nexans," Draka said in a statement.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

Nexans last week said it plans to make a € 15-a-share ($20. 78-a-share) cash offer for Draka, valuing the Dutch company at around € 735 million — a figure some analysts have said is too low.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

Draka confirmed that it has received Nexans's € 15-a-share cash offer bid and that both its management and supervisory boards will "carefully consider the indicative non-binding proposal."

Business Watch 2010

AMSTERDAM — Dutch cable maker Draka Holding NV on Wednesday rejected an unsolicited takeover bid from French rival Nexans and said it will review its alternatives, including continuing its stand-alone strategy.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

Draka said it acknowledges Flint's intention to exit as a Draka shareholder.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

When the Nexans offer was announced last week, the French company had already gained support from Draka's largest shareholder, Flint Beheer BV, which owns 48.5% of Draka and has two seats on the supervisory board.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

A Draka representative said Flint hadn't explained why it wants to sell its stake.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

Draka was surprised by the news and wasn't notified by Flint of its talks with Nexans.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010

Draka wouldn't comment on potential alternatives to Nexans's bid or say whether it is already talking to other parties that might be interested in acquiring the company.

Draka Rejects Nexans Takeover Bid Robin van Daalen 2010