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Metso rejects Weir’s merger proposal

The Finnish company says that its board of directors has carefully evaluated the proposal received from Weir and has come to the unanimous conclusion that it is not in the best interest of its shareholders.

Under Weir’s proposed merger, Metso shareholders would receive 0.8400 Weir shares per Metso share held, resulting in Metso shareholders owning, in aggregate, approximately 37% of the combined company.

Earlier this month Metso announced that it had received an unsolicited approach by Weir with a proposal for commencing discussions concerning a potential combination of the two companies.