RCS Mediagroup says Cairo’s takeover offer “inadequate”
RCS MediaGroup
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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.

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