Aliaxis $2 Billion Uponor Approach Rebuffed by Main Owner (1)

Uponor Oyj’s biggest shareholder rejected a hostile approach by Belgium’s Aliaxis SA to acquire the Finnish plumbing-equipment maker for €1.8 billion ($2 billion) in cash.

Oras Invest Oy said the indicative offer, expected to be priced at €25 a share, “does not reflect the full value of Uponor” and that its “intention is therefore not to accept the potential offer.” The family office of the Paasikivi family holds more than a quarter of Uponor’s stock.

Brussels-based Aliaxis initially approached Uponor about a possible bid last May and has since attempted to negotiate a potential tender offer with the board, ...