Ignite Luxembourg Holdings Sarl and Magnesita NV have extended the acceptance period to buy a stake in RHI Magnesita to July 21.
RHI Magnesita is a Vienna-based supplier of refractory products. Back in May, Ignite Luxembourg, a company indirectly managed by Rhone Holdings VI LLC, offered to buy a 20% stake in RHI Magnesita at £28.50 per share in cash.
On June 27, RHI Magnesita said it had been advised by Barclays Bank PLC and Peel Hunt LLC that the offer from Ignite Luxembourg to buy a non-controlling minority stake undervalues the company, noting that the offer price made by Ignite Luxembourg was lower than the average target price of equity research analysts of GBP 30.73 per share.
Shares in RHI Magnesita were down 0.2% at 2,678.00 pence each in London on Monday afternoon.
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