SWITZERLAND - SIG rejects CVC take-private approach

Listed Swiss packaging firm SIC has rejected an unsolicited takeover offer from CVC Capital Partners and FERD, the Norwegian parent of packaging group Elopak. The consortium had offered SFr 325-350 per share, however the firm's board of director deemed SIG to be worth considerably more. The offer valued the company between SFr 2.11bn and SFr 2.28bn and included certain conditions, including the granting of exlusivity and prior due diligence.