SYDNEY, Dec 20 (Reuters) - Crane Group, an Australian plumbing and building supplies firm, told shareholders on Monday to reject a $740 million takeover offer from New Zealand's Fletcher Building, saying it undervalued the company.
Crane's shares closed on Friday at A$9.49, against an implied offer price of A$9.35 per share.
(Reporting by Victoria Thieberger) Keywords: CRANE RESPONSE/ (victoria.thieberger@thomsonreuters.com)(+61 3 9286 1421)(Reuters Messaging: victoria.thieberger.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Crane's shares closed on Friday at A$9.49, against an implied offer price of A$9.35 per share.
(Reporting by Victoria Thieberger) Keywords: CRANE RESPONSE/ (victoria.thieberger@thomsonreuters.com)(+61 3 9286 1421)(Reuters Messaging: victoria.thieberger.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.