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Uniper: recommends shareholders reject Fortum's offer.

(CercleFinance.com) - German energy company Uniper on Tuesday urged its shareholders to reject Finland's Fortum's unsolicited takeover bid, saying it did not reflect the group's value.

"Fortum's offer is unacceptable as it does not reflect Uniper's true value. In addition, there is no recognizable contribution to a better development perspective for Uniper," the Düsseldorf-based group said in a statement.

Fortum's offer states that Uniper shareholders who tender their shares will receive 22 euros per share in cash, which includes the a 0.69 euro per share expected dividend for fiscal year 2017.

The total offer represents a 36% premium over the share price prior to market speculation regarding a potential transaction at the end of May, Fortum said.

However, as correctly pointed out by Fortum, the group's main focus is acquiring E.ON's 46.65% stake in Uniper.

At 23.8 euros, shares of Uniper were broadly unchanged on Tuesday, although have risen by over 81% so far this year.

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