Unilever rejects $143 billion merger deal offered by Kraft Heinz
Unilever rejected the offer on account of it being too low.
Dutch giant Unilever rejected American worldwide food company Kraft Heinz's $143 billion merger offer on account of it being too low.
Unilever said it saw no merit in the proposed merger as it "fundamentally undervalues" the consumer giant. "This fundamentally undervalues Unilever," it said on Friday. "Unilever rejected the proposal as it sees no merit, either financial or strategic, for Unilever's shareholders. Unilever does not see the basis for any further discussions."
The company said it received an offer of $50 per share in which $30.23 was in cash and the remaining in stock, representing a premium of 18%.
However, Kraft Heinz in a statement filed with the London Stock Exchange, said it would nevertheless work towards a deal to merge both the groups.
(With agency inputs)