Spanish toll-road operator Abertis Infraestructuras SA (ABE.MC) said Thursday that a takeover bid it received from Italy's Atlantia SpA (ATL.MI) has room for improvement.
Atlantia's bid, which was submitted in May, values Abertis at 16.3 billion euros ($19.19 billion) or EUR16.50 per share, but Abertis has been trading above EUR17 per share since September. The bid received formal approval from Spain's regulator earlier in the month, obliging Abertis to issue a response.
In a filing to the market regulator, Abertis's board concluded that the offer is "positive and attractive from the industrial point of view," but it believes the cash consideration value could be improved.
Abertis has become the subject of a bidding war after Germany's Hochtief AG (HOT.XE) on Wednesday submitted a long-awaited cash and share offer, valuing the company at EUR18.6 billion, or EUR18.76 per share.
Hochtief's bid is yet to receive regulatory approval and Abertis has not commented on it.
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(END) Dow Jones Newswires
October 19, 2017 02:43 ET (06:43 GMT)