SIG refuses Elopak takeover proposal

SIG’s board of directors has rejected a takeover bid from FERD/CVC—Norwegian parent of the Elopak packaging group. Commenting that the suggested share price of $260 to $281 was “inadequate” and “too low”, SIG has advised its shareholders to refuse the offer. Since 2004, the value of the SIG share has reportedly jumped by over 60 percent.

The systems suppliers of carton packaging and filling machines for beverages and food asserts that it is “worth considerably more” and has advised other interested parties to step forward with acquisition proposals.