EDP Board of Directors Says Three Gorges Offer Price Too Low

   By Alberto Delclaux

EDP-Energias de Portugal SA's (EDP.LB) board of directors said early Tuesday that the price offered by China Three Gorges Corp. doesn't reflect the value of the utility, according to a statement filed to the Portuguese market authority.

The company said that the board will issue an opinion on the takeover bid in due course, but that it currently sees the premium as low considering other transactions involving European utilities.

Over the weekend, China Three Gorges launched a bid for the almost 77% of EDP it doesn't already own, offering EUR3.26 per share. The price represented a small premium of 5% to Friday's closing price. The offer is 18% above EDP's adjusted six-month volume weighted average share price.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

May 15, 2018 01:44 ET (05:44 GMT)

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