Elliott announced that it believes Hitachi Rail Italy Investment’s EUR 9.50 per share offer for Ansaldo STS significantly undervalues the company and therefore intends not to tender its shares.
Elliott believes the combination of STS and Hitachi Rail’s complementary geographical exposures, product portfolios and competencies will create a leading integrated player in the global rail market, able to compete for larger contracts, increase operational efficiencies and leverage cross selling opportunities leading to higher market shares across geographies.
According to Elliot, these benefits will create additional shareholder value and that value is not reflected in Hitachi’s current offer price. For this reason, Elliot does not intend to tender its shares.
Share on:
