(Bloomberg) -- Aliaxis SA has dropped its pursuit of Uponor Oyj after the Finnish plumbing-equipment maker accepted a rival €2.1 billion ($2.3 billion) bid from Georg Fischer AG.

The Belgian company announced its decision to withdraw from bidding for Uponor in a statement on Wednesday that confirmed an earlier Bloomberg News report.

Swiss industrial company Georg Fischer announced Monday an offer to buy Uponor for €28.85 per share in cash in a deal recommended by the Finnish target’s board. That beat an already-improved bid of €25.75 from Aliaxis that had been rejected by Uponor. 

Aliaxis said its offer had been “the result of a comprehensive valuation approach” based on Uponor’s strengths and the synergies a deal would provide.

“Taking into account the announcement of Georg Fischer Ltd.’s competing public tender offer on 12 June 2023, and after thorough review, the offeror has today decided to withdraw,” Aliaxis said.

Aliaxis made a first approach to Uponor in May 2022 and eventually went public with its interest after negotiations failed to lead to an agreement. It announced an indicative bid of €25 per share in April, which was rebuffed by Uponor. 

Since then, it’s continued increasing its stake while the Finnish company engaged with other suitors. It’s unclear what plans to do with the roughly 20% holding. Aliaxis said in Wednesday’s statement that the decision to withdraw its offer does not prevent it from making a new one in the future. 

“We will continue deploying our external growth roadmap, leveraging our clear business strategy and our very robust balance sheet, while always maintaining a clear focus on value creation with financial discipline in any acquisition,” Aliaxis Chief Executive Officer Eric Olsen said in the statement.

A representative for Uponor declined to comment.

Morgan Stanley and Advium Corporate Finance Ltd. have been advising Aliaxis, while Uponor is working with Nordea Bank Abp and Goldman Sachs Group Inc. UBS Group AG is advising Georg Fischer. 

--With assistance from Leo Laikola.

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