RH Magnesita receives partial cash offer for larger stake from Rhone

(Alliance News) - RHI Magnesita NV on Monday received a partial cash offer for 30% of its shares ...

Alliance News 19 June, 2023 | 8:19AM
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(Alliance News) - RHI Magnesita NV on Monday received a partial cash offer for 30% of its shares from Ignite Luxembourg Holdings Sarl.

RHI Magnestia is a Vienna-based supplier of refractory products. Ignite is a company indirectly managed by Rhone Holdings VI LLC.

Rhone is now offering GBP28.50 per share for 29.9% of RHI. In late May, the firm offered to buy a 20% stake at at the same price. At the time, Rhone reserved its right to increase the offer to up to 29.9% of RHI's issued shares.

Rhone's new offer is for 14.1 million RHI shares, out of a total 47.1 million issued shares.

RHI Magnesita shares rose 1.7% to 2,696.00 pence each in London on Monday morning. The shares are up 16% over the past year.

In May, RHI said it was "considering its response to the partial offer and a further announcement will be made in due course".

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
RHI Magnesita NV Ordinary Shares 3,725.00 GBX -0.93 -
RHI Magnesita NV Ordinary Shares 44.20 EUR 0.45 -

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