Dutch cable maker Draka has rejected a €15 share offer by French cable maker Nexans, saying it undervalues the company.

The bid is supported by Flint, the investment company owned by the wealthy Fentener van Vlissingen family.
Flint owns 43.9% of the shares in Draka, which carry 48.8% of the voting rights. Nexans said its cash bid does ‘fully value’ the company and is now studying its options.
Analysts told the Telegraaf they expect Nexans to raise the offer to up to €16.5 per share.