Covestro Rejects ADNOC's Takeover Offer For Being 'Too Low': Report
Portfolio Pulse from Lekha Gupta
Covestro AG (OTC:COVTY) has rejected a $12 billion takeover proposal from Abu Dhabi National Oil Co (ADNOC), citing the offer as 'too low'. The offer represents a per-share price in the mid-50 euros, compared to Covestro's closing price of 40.31 euros as of 19th June.
June 22, 2023 | 3:16 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Covestro rejected ADNOC's $12 billion takeover offer, stating it was too low. The offer represents a per-share price in the mid-50 euros, compared to Covestro's closing price of 40.31 euros as of 19th June.
Covestro's rejection of ADNOC's takeover offer indicates that the company believes it is worth more than the proposed valuation. This could lead to potential negotiations for a higher offer or the company continuing to operate independently. In the short term, the impact on the stock price is neutral as the market digests the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100