EDP says Three Gorges bid low, will seek details

Bloomberg

EDP-Energias de Portugal SA’s executive board reaffirmed that the 9.1 billion-euro ($10.7 billion) takeover offer from China Three Gorges Corp. is low and said it will seek more information from the bidder about its plans for the
Portuguese utility.
“The executive board of directors notes that there are merits in the strategic intentions of the offeror,” Lisbon-based EDP said in a statement on the Portuguese securities regulator’s website. “Given the uncertainties regarding the implementation of the plan and potential impact on EDP, the executive board will seek more information from the offeror in order to be in a position to form a more considered view regarding the value of the project.”