“The board has made the judgement that the offer of 102 kronor per share does not reflect the full value of the company,” the board of Lindex said in a press release.
The board said it plans to give more information on its view of the bid on 3rd September.
“The bid is too low. That is the only reason for recommending a no,” said Lindex chairman Conny Karlsson.
The board says it will carry out an analysis of the best option for shareholders. To continue as an independent company is the main alternative, Karlsson said.
Kapp-Ahl CEO Christian W Jansson said he remained convinced that the deal would go through.
“The deal is too good for the market not to accept it,” he said, but added that Kapp-Ahl did not plan to raise its bid:
“We have made a bid of 102 kronor per share, or 7 billion kronor. That’s what we think the company is worth,” he said.