"The Board unanimously concludes Aliaxis' current offer is insufficient in light of the company's value and its future prospects", Hans Sohlström, head of the board committee, said in a statement.
The all-cash offer, which was announced earlier on Monday, valued the company at 1.87 billion euros ($2.06 billion) and represented a premium of about 54.7% to Uponor's closing price on April 13, Aliaxis said in a statement.
Aliaxis, which currently owns 20.16% of the company, announced on April 17 an intention to make a cash offer for Uponor. The offer was worth 1.82 billion euros, which the company rejected.
Oras Invest, Uponor's largest shareholder with about a 25.7% stake, said on April 17 it had no intention of accepting Aliaxis' unsolicited offer.
($1 = 0.9084 euros)
(Reporting by Boleslaw Lasocki and Louise Breusch Rasmussen; Editing by Terje Solsvik, Jan Harvey and Chris Reese)
