Finnlines board say no to Grimsldi offer

The board of Finnish ferry operator Finnlines have advised shareholders not to accept a voluntary buyout offer made by Italian firm Grimaldi. Grimaldi made the move to take control of Finnlines after increasing its stake in the company to 46.2% earlier this month. The board said the offer of EUR 15.95 per share was "too low taking into account the company's new competitive capacity and strong position in the Baltic Sea's rapidly growing market area. Consequently the board of directors of Finnlines cannot recommend the acceptance of the tender offer. The opinion of the board of directors is unanimous."