Parmalat public offer increase by Lactalis rejected by Amber
Investment fund Amber has rejected an increase by French company Lactalis in its public offer for Italian dairy group Parmalat [BIT:PLT] to EUR 3 per share from EUR 2.8, Italian language daily La Repubblica reported. The report cited a statement by Amber saying that Parmalat's shares are worth EUR 3.8-4.5 a share.
The report noted that Lactalis boosted the offer and extended the offer period to 21 March after its public offer, that ended yesterday 9 March failed to reach the 90% threshold needed to delist Parmalat. The report said that Lactalis presently holds 88% of Parmalat.
The item said that Amber holds a 3.1% stake in Parmalat.