Franco-Spanish tobacco company Altadis SA said Tuesday it rejected a revised takeover offer from Britain-based Imperial Tobacco Group that values the business at 12.03 billion euros ($16.09 billion).
The company, which makes Gauloises, Gitanes and Ducados cigarette brands, said in a filing that its board believes the new 47 euros-per-share ($62.85) offer from Imperial Tobacco does not "reflect the strategic value of the company, nor the diversity of its unique assets."
Last month, Imperial Tobacco approached Altadis with a preliminary offer of 45 euros ($60.18) a share with a view to a potential cash offer for 100% of Altadis.
Imperial's revised offer is 4.4% higher than its initial offer of 11.52 billion euros ($15.41 billion).
Altadis will continue "analyzing the best options for the company, shareholders and employees," it said.
The company's shares were down 0.5% at 47.48 euros ($63.50) in Madrid.