Spanish cigarette maker Altadis has again rebuffed an advance from UK rival Imperial. In a statement to the Madrid bourse, the Spanish firm said that an indicative offer of €47 per share did not reflect its strategic value or future growth prospects and it will continue to assess the best options available to it.
Imperial has now come to the table twice and left with a firm rejection each time. While it’s not clear what the firm’s next move is, with private equity interest in Altadis heating up and the possibility looming of a break up of the firm into its three constituent parts – cigarettes, cigars and distribution – Imperial needs to make its mind up soon.