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RHI Magnesita NV on Monday received a partial cash offer for 30% of its shares from Ignite Luxembourg Holdings Sarl.
RHI Magnestia is a Vienna-based supplier of refractory products. Ignite is a company indirectly managed by Rhone Holdings VI LLC.
Rhone is now offering £28.50 per share for 29.9% of RHI. In late May, the firm offered to buy a 20% stake at at the same price. At the time, Rhone reserved its right to increase the offer to up to 29.9% of RHI’s issued shares.
Rhone’s new offer is for 14.1 million RHI shares, out of a total 47.1 million issued shares.
RHI Magnesita shares rose 1.7% to 2,696.00 pence each in London on Monday morning. The shares are up 16% over the past year.
In May, RHI said it was ‘considering its response to the partial offer and a further announcement will be made in due course’.
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