The board of De La Rue, a British banknote printer, on Monday morning unanimously rejected an improved offer of 935 pence ($1.49) per share from Oberthur Technologies, a French rival.
"The Board has carefully considered Oberthur's revised proposal and believes that it continues to significantly undervalue the company and its prospects," Nicholas Brookes, the chairman of De La Rue, said.
De La Rue's shares shed 1.46% from Friday's close, trading at 807.5 pence apiece at 14:05 in London on Monday.
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