By Pietro Lombardi

 

Atlantia SpA said late Tuesday that a preliminary bid for its highway arm from a consortium led by Italy's state lender Cassa Depositi e Prestiti doesn't reflect the value of the business but agreed to extend talks with the bidders.

Cassa Depositi e Prestiti, along with investment funds Blackstone Group Inc. and Macquarie Group Ltd., presented an offer to buy Atlantia's entire 88% stake in Autostrade per l'Italia.

The infrastructure group's board "while expressing appreciation for the preparation of the offer, has considered the economic terms and the conditions at this stage as not yet compliant and suitable for ensuring a fair market valuation of its ASPI stake," it said.

It agreed to extend talks with the bidders until Oct. 27 and reconvene the board on Oct. 28 to evaluate a potential new offer.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

 

(END) Dow Jones Newswires

October 21, 2020 01:28 ET (05:28 GMT)

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