Ansaldo STS independent directors challenge Hitachi’s mandatory offer price – report

November 23 (SeeNews) – Three independent board members of railway signalling equipment maker Ansaldo STS (BIT:STS) have contested the adequacy of the EUR-9.50 (USD 10.09) per-share price Japanese Hitachi (TYO:6501) plans to pay in its mandatory takeover bid for the remaining 60% of the Italian group, Corriere della Sera said in an unsourced report on Saturday.

Hitachi’s mandatory offer is ensuing from the recent acquisition of a 40% stake in Ansaldo STS from aerospace and defence group Finmeccanica.

In a draft document submitted to the board, the independent directors declared the price unfair and put forward a per-share value of between EUR 10.00 and EUR 11.00, Corriere said.

(EUR 1 = USD 1.062)

Choose your newsletter by Renewables Now. Join for free!