The independent directors of power producer International Power have rejected the indicative 390p share offer from majority shareholder GDF SUEZ.
Under the terms of the relationship agreement between GDF Suez and International Power, the French company is generally restricted from making a takeover offer for all (or any) of the outstanding shares of the UK until 3rd August 2012, or earlier with the consent of all of the Independent non-executive directors.
Clearly that consent will not be forthcoming at the indicated offer price of 390p; the members of the Independent Commission were unanimous in the view that the terms undervalue International Power.
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GDF SUEZ owns 70% of International Power.
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