Australia's Orora rejects $2.25 billion takeover offer from PE firm Lone Star
SYDNEY (Reuters) -Australia's Orora Ltd shares spiked more than 15% after it said on Tuesday it had rejected a A$3.42 billion ($2.25 billion) takeover offer from U.S. private equity firm Lone Star Fund, claiming the offer materially undervalues the packaging products maker. Under the offer, Orora shareholders would have received A$2.55 per Orora share from Lone Star, a 33.9% premium to the stock's last close. The company said its board had determined it was not in the best interest of its shareholders to engage further with Lone Star over the offer, which it described as opportunistic, non-binding and conditional.