Mexichem Still Pursuing Dutch Pipemaker

Mexican chemical company Mexichem intends to continue its pursuit of Dutch pipemaker company Wavin, just days after the target rejected an improved acquisition offer. Mexichem plans to request an approval from Dutch regulatory authorities for its non-binding offer for Wavin sometime during the coming four weeks. On December 6, Mexichem improved an unsolicited offer for Wavin by offering EUR9 in cash per ordinary share or an implied EV/Ebitda multiple of 7.5x. The company first approached Wavin in late November with an offer of EUR8.5 per ordinary share. Wavin officials have rejected both offers, arguing the company is worth far more.