The board of Portugal's largest cement company Cimpor recommended Thursday that shareholders reject a euro3.8 billion ($5.4 billion) takeover bid by Brazilian steelmaker Companhia Siderurgica Nacional.
Cimpor said the offer was too low. The bid "significantly undervalues the company and is not in the best interests of its shareholders," the board said in a statement posted on the Web site of the Lisbon Stock Exchange.
From China Cement (2010-1-8)
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