Italy’s RCS MediaGroup, which publishes Italy’s top-selling newspaper Corriere della Sera, rebuffed on Friday a takeover offer by rival Cairo Communication.
RCS Mediagroup said in a statement that the board had unanimously viewed that the all-share offer was inadequate.
Cairo Communication said in April it was offering 0.12 of its shares for each RCS share, implying a valuation of 0.54 euros per RCS share at current market price.
In an attempt to trump Cairo’s bid, private equity firm Investindustrial and a group of shareholders in RCS have launched a rival bid, offering 0.70 euros cash per share.
Shares in RCS MediaGroup ended down 0.8 percent to 0.77 euros on Friday.