Parmalat SpA's (PLT.MI) board Tuesday said it considered as inadequate the bid price of EUR2.60 a share offered by Groupe Lactalis SA for the rest of the Italian dairy group that it does not own.

The board, which met in Milan to review the bid, said in a statement the price offered by Lactalis did not did represent the value of the group.

The statement confirms earlier comments made by two people familiar with the situation.

Parmalat's stock was last quoted at EUR2.61 ahead of the market close in Milan.

Lactalis is offering to buy 71% of Parmalat. It already owns 29%.

Its prospectus for the offer was approved by Italy's market regulator, Consob, on Friday.

Parmalat's board had hired Goldman Sachs (GS) for a fairness opinion on the bid.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com

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