Cimpor shareholders have rejected a US$5.5bn takeover bid from Brazilian steel company Companhia Siderurgica Nacional , Cimpor said in a statement via the Lisbon stock exchange late Thursday.
The board said CSN’s bid price "significantly undervalued the company." Furthermore, the board said CSN’s offer was "opportunist, irrelevant and disturbed the company’s operations."
CSN declined to immediately comment on Cimpor’s position.
Cimpor’s main shareholders, Teixeira Duarte Engenharia e Construcoes SA, Banco Comercial Portugues SA and Cinvest, supported rejecting the bid, according to local newspaper reports earlier Thursday.
CSN launched a takeover bid December 18, 2009, at EUR5.75 a share for 100% of Cimpor.