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RHI Magnesita updates offer for Magnesitas Refratarios
Refractory products and systems supplier RHI Magnesita announced updated information on the integrated tender offer for Magnesita Refratários on Wednesday.
The FTSE 250 company said that according to an appraisal report released by Magnesita Refratarios on Tuesday, the economic value of Magnesita's shares ranged between BRL 33.87 and BRL 37.25, with BRL 35.56 being the midpoint.
In order to ensure that the cash-only alternative offer was at least equivalent to the economic value, RHI Magnesita's board had approved an amendment to the cash-only alternative.
The offer would be the higher of either BRL 31.09, adjusted by SELIC - the Brazilian benchmark interest rate - from the Closing Date until the date of the settlement of the auction of the integrated tender offer; or BRL 35.56, not adjusted by SELIC.
"RHI Magnesita informs there are no changes to the cash plus shares option, where for each Magnesita share RHI Magnesita has offered BRL 17.81 - adjusted by SELIC from the closing date until the date of the settlement of the auction of the integrated tender offer - plus 0.1998 RHI Magnesita shares," the company's board said in a statement.
As of the close of trading on Tuesday, Magnesita's shares were quoted at BRL 55.40.