RHI Magnesita NV - Vienna-based supplier of refractory products - Ignite Luxembourg Holdings Sarl, a company indirectly managed by Rhone Holdings VI LLC, on Monday says offer for shares in RHI Magnesita closed on Friday with acceptances for 9.4 million shares, a 19.95% stake. Rhone back in May had offered to buy 14.1 million shares at £28.5 per share in cash. This would have been a 29.9% stake. Rhone said at the time it wanted a non-controlling minority stake in the FTSE 250 company.

Late in June, RHI Magnesita said it was advised by Barclays Bank PLC and Peel Hunt LLC that the offer undervalued the company, citing an average target price of research analysts of £30.73 per share.

Current stock price: 2,867.79 pence

12-month change: up 39%

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