BERLIN (Reuters) - German roof tile maker Braas Monier (DE:BMSA) suffered a setback in its bid to fend off a hostile takeover by U.S. group Standard Industries [GAFCO.UL] after a court approved a temporary injunction against plans to raise capital.
Family-owned Standard Industries has offered 25 euros (21.08 pounds) per share in cash for Braas, valuing the group at about $2.1 billion including debt, but Braas opposes the offer and has called on shareholders to reject it.
Braas Monier had last month announced plans to issue 3.9 million new shares to its shareholders before Dec. 23, when Standard Industries' offer runs out, which will make it more expensive for the U.S. group to take over Braas.
But early on Tuesday, Braas said a court in Luxembourg had approved an application for a temporary injunction, brought by Standard Industries, against the capital increase.
"Braas Monier will take all available legal measures to have the preliminary injunction lifted," it said in a statement, adding it believed it was without foundation.