The members of the Independent Committee have unanimously concluded that the indicative proposal of 390 pence per share undervalues IPR, the company said in a statement on Wednesday. Accordingly GDFS has been notified that the Independent Committee is unable to accept the indicative proposal.
International Power's independent non-executive directors also noted in a brief, three-paragraph statement that GDF is generally restricted from making a takeover offer for it before August 3, 2012, unless it has their backing.
GDF's preliminary approach announced last week valued International Power at 19.9 billion pounds but at 390 pence a share was only slightly above where the stock had already been trading.
(Corrects final paragraph to make clear valuation refers to International Power, not GDF)
(Reporting by Paul Hoskins; Editing by Clara Ferreira-Marques)