By Cecilia Butini
Atlantia SpA said late on Wednesday that it has rejected the latest offer by a group of investors to buy its 88% stake in motorway operator Autostrade per l'Italia SpA.
"Whilst appreciating a number of improvements in the new offer, Atlantia's Board of Directors believes that the terms and conditions of the offer do not adequately reflect the fair market value of the stake," Atlantia said.
The Italian infrastructure company gave a Nov. 30 deadline to the group of potential buyers, which includes Italian state lender Cassa Depositi e Prestiti's subsidiary CDP Equity SpA, Blackstone Group International Partners LLP and Macquarie Infrastructure and Real Assets Ltd. Atlantia said this would allow its shareholders to consider a potential new offer when they gather for an extraordinary general meeting, which will be held no later than Jan. 15.
Write to Cecilia Butini at firstname.lastname@example.org
(END) Dow Jones Newswires